Photo courtesy of Ethi Al-Mahdi
Move-ins are beginning at the first project completed under a Cambridge zoning ordinance designed to encourage all-affordable housing developments.
Just A Start’s 52 New St. project includes 106 income-restricted apartments. Designed by RODE Architects, the project is the largest in the 58-year history of the Cambridge-based nonprofit affordable housing developer and education and job training organization. It includes apartments reserved for households earning from below 30 percent to 80 percent of area median income.
Crews from Callahan Construction Managers began work on the project in December 2023, replacing a parking lot and vacant building.
“52 New Street represents what is possible when communities invest boldly in affordable housing. We are deeply grateful for the years of partnership, collaboration and support from the public and private partners who helped bring this vision to life and ensure residents can continue to live and thrive in Cambridge,” Just A Start Executive Director Carl Nagy-Koechlin said in a statement.
The project was approved under a 2020 Cambridge zoning amendment increasing density and streamlining approvals for projects including 100-percent income-restricted units.
Typical of projects that include deep affordability restrictions, 52 New St. received an extensive assortment of public subsidies, including $43 million in state and federal low-income tax credits.
The Massachusetts Executive Office of Housing and Livable Communities also provided $5.3 million in funding from multiple sources.
MassHousing provided $41.6 million in permanent financing, tax credit equity bridge financing, middle income housing financing and Capital Magnet Fund financing.
The project also received acquisition financing and $8.7 million in permanent financing through the Cambridge Affordable Housing Trust and Community Development Block Grant funding. Santander Bank loaned $47.5 million in construction financing, with participation by Eastern Bank.
RBC Community Investments partnered as the low-income housing tax credit syndicator.
