LYNN — Catalyst Housing, a project that will create 24 new affordable-housing units on the upper floors of 57-65 Munroe St., is projected to be completed in April 2025.

MassDevelopment recently issued a $7,520,000 tax-exempt bond on behalf of Catalyst Housing LLC, a for-profit affiliate of Harborlight Homes and the Haven Project that was created to facilitate the tax-exempt filing. With the bond, the project is now fully funded.

Haven Project Executive Director Tracey Friedman said the project has been in the works for six years and it is wonderful to see it “finally” come to fruition.

“We’ve had a lot of things thrown at us,” she said. “We had the pandemic, the cost of APR (annual percentage rate) went up, and the cost of materials, the cost of goods, (and) possible labor, all went up. So we had to readjust quite a few times.”

She said the lottery for the housing will be open on the Harborlight Homes website until Jan. 15. All units will be rented to individuals between the ages of 18 and 24 earning up to 30% of the area median income, which is $31,150 for a one-person household.

There will also be informational sessions about how to apply for the housing on Oct. 28 and Nov. 1.

“We take pride in the vision embodied by the Catalyst Housing project, which aims to provide sanctuary and opportunity, especially for our young adults,” Mayor Jared Nicholson said in a press release from MassDevelopment.

American Rescue Plan Act funds from the city were one of the several sources used to finance the project.

“We’re trying to do as much as possible to create affordable-housing options for this population, because they are really vulnerable, and we’re just trying to do as much as we can to help kind of impact a generation of young people and provide safe and affordable housing for them,” Friedman said.

The 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 Executive Director Anthony DeFranza called the collaboration with the Haven Project “unique.

“This is a very special effort with the Haven Project, and we are grateful to see it come to fruition,” he said.