Image courtesy of The Architectural Team

The Neighborhood Developers Inc. will use a $9.1 million tax-exempt bond from MassDevelopment and Boston Private Bank for site preparations at a 33-unit affordable rental complex in Everett.

The St. Therese complex will be built at the corner of Broadway and Gledhill Avenue at the site of a former church that closed in 2004 and was demolished in late 2020.

Chelsea-based Neighborhood Developers plans to build 30 one-bedroom and three two-bedroom units for seniors, with units reserved for households earning a maximum of 30 percent and 60 percent of area median income.

St. Therese is part of a two-phase, mixed-use development including an additional 50 housing units and a health care center operated by East Boston Neighborhood Health Center.

Boston Private Bank & Trust purchased the tax-exempt bond issued by MassDevelopment. The proceeds are being used for site preparation. St. Therese Parish closed its doors in 2004 and the property was cleared in late 2020.

Federal low-income housing tax credits awarded by the Massachusetts Department of Housing and Community Development contributed $5.5 million in equity for the project.