Posted on May 23, 2012
CAMBRIDGE, May 23, 2012 --- Local leaders and affordable housing lenders joined in with residents in late May to celebrate the start of rehabilitation of the Cambridge Court Apartments, a 10-story building that has served hundreds of low- and moderate-income city residents since it was built in 1973.
The Massachusetts Housing Partnership (MHP) is spearheading the effort, having provided a $10.3 million loan commitment from its bank-funded loan pool. This will enable the building's principle owners - Roger Gendron, Charles Gendron and John Vernalia - to make necessary repairs and to refinance the property so it can remain affordable to Cambridge's lower-income elderly residents for years to come.
The City of Cambridge and the Cambridge Housing Authority are also playing key roles in the preservation of affordability at Cambridge Court. The city is providing $750,000 from its affordable housing trust while the housing authority arranged for 92 project-based Section 8 vouchers, a key factor in the project's ability to obtain financing.
"We are delighted to have the opportunity to work with the ownership team, the City of Cambridge and the housing authority to keep these homes affordable for years to come," said MHP Deputy Director of Lending Dick Mason at an afternoon ceremony on May 23 in the building's front courtyard.
Cambridge Court Apartments consists of 122 rental homes - 47 studio units and 75 one-bedroom apartments. When complete, 105 of the units will be affordable to residents earning at or below 50 percent of the area median income. The building is in a prime location, located in the city's Riverside section and within walking distance of the city's senior center.
The Patrick Administration was also a key supporter of preserving Cambridge Court, providing $1.5 million from the state's affordable housing trust fund and $1.5 million from the state's Capital Improvement and Preservation Fund (CIPF), which is administered by the state Department of Housing and Community Development.
For more information about how MHP financing can be used to preserve existing affordable housing, contact Dick Mason at 617-330-9944 x242 or dmason@mhp.net.