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<p>CHELSEA, Mass. – The Florence Chafetz Home for Specialized Care is expected to be completed sometime this summer, thanks to the help from Metropolitan Credit Union which is the first mortgagee on the assisted living facility. There will be 36 apartments, 27 of them for elderly residents with special needs such as dementia or increased frailty. It seemed natural for the credit union to play a role because the sponsor, the Chelsea Jewish Nursing Home Foundation, is one of the credit union’s SEGs. A number of governmental and private agencies and firms are also involved. The foundation, in turn, is working with a company called Affirmative Investments. James Baird, vice president of real estate lending at MCU said it was an opportunity for the credit union to “give something back to the community.” Baird said the project “has gone exceptionally smoothly.” Each year the Federal Home Loan Bank of Boston sets aside 10% of its net profits for affordable housing. In 1999 MCU, as a member of the FHLB, applied for and received a $250,000 grant and a $500,000 subsidized loan. The loan was provided interest-free. Then in 2000 an additional $150,000 grant was approved, bringing the grant total to $400,000. The grant money was used for architectural, legal and other expenses. The $500,000 loan is now being used to pay for actual construction. Total cost will be $6 million, with much of the money coming from state agencies and other sources.</p>

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