Citizens Bank announced today that its Community Development Group is providing $15.7 million in financing to the East Boston Community Development Corp. to build 32 units of senior housing in East Boston.

The financing includes a $9 million equity investment through Boston Financial Investment Management and a $6.7 million construction loan.

A four-story building at the site of a former school at 191 Paris St. will be renovated to include four units for senior tenants at or below 30 percent Area Median Income (AMI) and 28 units for senior tenants at or below 60 percent AMI.

“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s great ideas and deal execution,” said Albert Caldarelli, East Boston Community Development Corp. executive director. “The East Boston community recognizes Citizens’ strong commitment to Boston and its neighborhoods, and we look forward to continuing to work with the Citizens team as this project reaches its potential.”

The East Boston Community Development Corp. is a non-profit community development corporation dedicated to enhancing the life of low income residents of East Boston. It has developed or co-developed more than 920 units of subsidized housing and manages 450 subsidized rental apartments.

“This project meets a critical need in East Boston and Citizens’ leadership is another sign of our commitment to the community,” said Jerry Sargent, president, Massachusetts, Citizens Bank.

Citizens is a trusted strategic and financial advisor, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.

For more information, please go to the Citizens Commercial Banking website.