The Neighborhood Developers are constructing a four-story, 34-unit affordable apartment building on the site of the former French Naturalization Club at 242 Spencer Ave. All units will be rented to households earning no more than 60 percent of the area median income, according to The Neighborhood Developers, which will own and manage the building. Rents will range from $978 to $1,336. Construction is expected to be completed in October, according to Trey Greer, communications manager for the developers. MassDevelopment issued a $6.89 million tax-exempt bond to support the project. The agency also assisted the state Department of Housing and Community Development in securing approval of federal low-income housing tax credits that will provide The Neighborhood Developers about $4.9 million in equity for the project. Other state, local, and private financing is covering the remaining $14 million cost.