After many years of seeking redevelopment options for their property at 41 N. Margin St. Knights of Columbus have proposed building 23 affordable elderly apartments. Ground floor space would also house a new council headquarters for the Knights. Motivated by the recent loss of affordable housing in the North End at 145 Commercial St. and the Mercantile Building, the KoC intend to arrange a 99 year lease to the non-profit East Boston Community Development Corp. (E.B.C.D.C.) that will develop and manage the property. There will be 3 units on the first floor and 5 units on the upper four floors as part of the 5-story building. General affordability requirements would be for those with incomes up to $45,000 while the elderly notation means those at least 62 years old. Public financing would be used and tenants would be selected via lottery.