Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

by Jeff Shaw

CAMBRIDGE, Mass. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge.

In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bonds.

Located across the Charles River from Boston, Harry S. Truman Apartments is part of the U.S. Department of Housing and Urban Development’s (HUD) Section 18 Disposition program. This program helps public housing authorities preserve housing facilities by converting units from their original sources of HUD financing to project-based Section 8 contracts, thereby allowing them to secure private and alternative public sources of capital financing for maintenance and improvements.

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