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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.