Section 16. The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the commonwealth, for the increase of their commerce, welfare and prosperity, and for the improvement of their health and living conditions, and as operation of an educational program and assistance to students to secure a better education by the Authority or its agent shall constitute the performance of an essential public function, neither the Authority nor its agent shall be required to pay any taxes or assessments upon or in respect to a project or any property acquired or used by the Authority or its agent under the provisions of this chapter or upon the income therefrom, and any bond issued under the provisions of this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation of every kind by the commonwealth and by the municipalities and other political subdivisions in the commonwealth.