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  Location: Cambridge, Massachusetts
  Member: East Cambridge Savings Bank
  Sponsor: Cambridge Housing Authority
  Units: 83 rental units
  Subsidy: $250,000 grant and $375,000 advance
   
  John F. Kennedy Apartments HOPE VI Revitalization.
 

Renovation of 69 rental units and the acquisition and rehabilitation of 14 additional scattered-site units to house very low- and low-income elderly and disabled households. This initiative is one of five national HUD HOPE VI awards for elderly developments. Extensive supportive and health-care services will be provided to all tenants. The financing package includes funds from Massachusetts Housing Stabilization Fund, HOME, tax-exempt bonds, Low Income Housing Tax Credits, and a grant from the Cambridge Affordable Housing Trust. The AHP advance will provide permanent financing, and the AHP grant will be used for hard and soft construction costs. Approved in Round Two of the 1999 AHP.



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