MassHousing recently provided a funding package to nonprofit Homeowners Rehab Inc. to finance upgrades for existing units as well as the construction of nine new units at a Cambridge apartment complex.
The $21.4 million package will be used at the Auburn Court apartment community, located on Brookline Place within the University Park campus at MIT.
Auburn Court has 77 units in eight mid- and low-rise buildings, 39 of which are home to low-income households and seven of which are for moderate-income households. The remaining 31 units are market rate.
The nine new units planned will all be affordable to low-income households. When completed, the project will total 86 units with 55 affordable units. The development is close to public transit, educational institutions and other amenities, providing local access to extensive community resources for Auburn Court residents.
Eight of the new units will be constructed in a new building and the ninth will be converted from an existing office space.
The 48 units set aside for low-income persons are covered by a federal Section 8 Housing Assistance Payment Contract and will remain affordable for at least 50 years as a condition of the loan agreement. By refinancing with MassHousing, the owner was able to pay off the existing $3.65 million in debt and secure a fully amortizing 30-year loan at 3.53 percent.
Renovations include new heating systems and baseboards, new windows, new kitchens and bathrooms, renovations of four existing accessible units and the addition of a new accessible unit.
Green technologies to be incorporated into the existing buildings and new construction units include:
- A rooftop solar thermal system for domestic hot water
- EnergyStar appliances
- Energy recovery ventilation system
- LED lighting
- Low-flow aerators and showerheads
- Super insulated: R-49 Roof, Walls R-30
