Cambridge Housing Authority to Renovate Affordable Housing With Help From $30 Million MassDevelopment Bond
September 20, 2010
MassDevelopment has issued a $30 million tax-exempt bond on behalf of Cambridge Affordable Presidential Apartments LLC, which consists of two affordable housing developments owned by the Cambridge Housing Authority. The Authority plans to use bond proceeds to substantially renovate Jackson Gardens, a 45-unit, three-story walk-up built in the 1950s; and to demolish and rebuild Lincoln Way, a development also built in the 1950s.
"The Cambridge Housing Authority has taken a leadership role in offering a 'presidential' experience in affordable housing," said MassDevelopment President and CEO Robert L. Culver. "We're pleased the Agency's low-cost financing can help update these aging developments, providing a home for low-income individuals and families."
Renovations in Jackson Gardens include new roofs, windows, and fire safety equipment; upgrades to plumbing, heating, and electrical systems; kitchen and bathroom replacements; and egress stairs. At Lincoln Way, a new 70-unit building will replace the current 60-unit facility, which is undersized and in poor condition.
"The bond issue from MassDevelopment is critical to the success of this project," said Cambridge Housing Authority Executive Director Gregory P. Russ. "Working with MassDevelopment is allowing us to both preserve and renew our public housing assets to serve low-income families well into the future."
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy.