MassDevelopment has issued a $7.52 million tax-exempt bond on behalf of Catalyst Housing LLC, an affiliate of Harborlight Homes and The Haven Project. The organizations will use bond proceeds to buy the upper floors of 57-65 Munroe St. – a 12,983 s/f condo within a historic commercial building – and renovate them to create 24 affordable, service-enriched studio apartments for formerly homeless young adults ages 18 to 24. All units will be rented to individuals earning up to 30% of the area median income ($31,150 for a one-person household). Catalyst Housing will be staffed by an on-site caseworker and The Haven Project will offer additional supportive services from its existing service center on the second floor of the building. Harborlight Homes created a for-profit affiliate, Catalyst Housing LLC, for the purposes of facilitating this tax-exempt financing. The tax-exempt bond, purchased by Eastern Bank, helped Catalyst Housing LLC achieve a lower cost of capital.