You can now read 10 articles a month for free. Read as much as you want anywhere and anytime for just 99¢.

Lynnfield

Lynnfield approves financing for housing

Continue reading below

The Board of Selectmen recently approved financing for the 48-unit development for those age 60 and over, to be built by Lynnfield Initiative For Elders Inc. near the residential portion of the Market Street Lynnfield development. Lynnfield Initiative for Elders is a nonprofit organization in which the town is the sole stockholder. It also owns two other housing developments in town. During the meeting, the organization’s board of directors also agreed to increase its annual payment in lieu of taxes from the current $262,000 to $337,000, increasing by 2.5 percent each year, starting once the units are occupied in 2015.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week