More Than 200 Affordable Rental Units Renovated in Cambridge Thanks to MassDevelopment Bond
April 5, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Margaret Donnelly Moran, Cambridge Housing Authority, 617-520-6251 & 781-367-6219 (cell)
|Rendering by Bargmann Hendrie + Archetype, Inc.|
MassDevelopment has issued a $42 million tax-exempt bond on behalf of Manning Apartments LLC. Proceeds from this bond will finance the acquisition and renovation of the Frank J. Manning Apartments building, a 204-unit affordable rental housing facility in Cambridge that primarily serves the elderly and disabled. Projected renovations include bathroom, kitchen, electrical, plumbing, and fire alarm upgrades; and conversion of the heating system from electric to gas. MassDevelopment also assisted DHCD with the approval of federal low income housing tax credits that will provide $36 million in equity for the project.
“MassDevelopment is pleased to assist in the financing of the acquisition and renovation of Manning Apartments,” said MassDevelopment President and CEO Marty Jones. “Cantabrigians desperately need the affordable rental housing made possible by this bond.”
Manning Apartments is one of several rental housing facilities owned by the Cambridge Housing Authority (CHA) that is part of the Rental Assistance Demonstration program with the U.S. Department of Housing and Urban Development. HUD developed the RAD program to preserve public housing by providing Public Housing Agencies with the financial means to make capital improvements to properties. As a result of RAD, the Cambridge Housing Authority gains the ability to issue tax-exempt bonds and use low income housing tax credits to improve and preserve Manning Apartments as an affordable housing option.
“The opportunity to rehabilitate Manning Apartments, which is located in the heart of Cambridge’s Central Square, is the culmination of over ten years of work by the Cambridge Housing Authority and Manning residents to protect and preserve these affordable units for low-income elders and persons with disabilities,” said Greg Russ, CHA’s Executive Director. “The dramatic transformation of Manning resulting from the rehab work will not only provide a healthier living environment for residents and the surrounding neighborhood, but also achieve a 30 percent site energy reduction and over $260,000 in annual savings in energy costs.”
Cambridge Housing Authority is a national leader in the development, management and administration of subsidized affordable housing for low-income elderly, family, and disabled households. Established under state law on December 9, 1935, by the City of Cambridge, CHA’s mission is to develop and manage safe, good quality, affordable housing for low-income individuals and families in a manner which promotes citizenship, community and self-reliance.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.