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MassHousing Finances Renovation and Preservation of Affordable Housing in Cambridge

Jul 18, 2018 | Reprints | Unlock Link

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MassHousing has closed on financing to Just-A-Start Corp. to renovate and preserve the affordability of 61 units at the Close Building in Cambridge. The $17.6 million in financing will preserve affordability for the apartments for at least 30 years.

Just-A-Start Corp. had looked for financing after affordability restrictions expired in 2016. The financing is separated into multiple loans: a $9.3 million construction and permanent loan, a $6.5 million tax-exempt bridge loan and a $1.8 million taxable bridge loan. The MassHousing financing generated $10.7 million in low income tax credit equity for project, and an allocation of state historic tax credits generated $2.1 million in equity.

Just-A-Start will repair the exterior of the Close Building, install new windows, make plumbing upgrades and unit improvements and create fully-accessible units with the financing. The six-story building was once a factory in 1920 and converted to housing in 1976.

B&T Daily