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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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