Homeowners Rehab Inc. (HRI) has secured a total of $39.8 million from TD Bank to build a 98-unit affordable apartment community in Cambridge, Mass., the largest of its kind in four decades. TD Bank provided a $22 million construction loan and $17.7 million in equity for HRI to purchase a Federal and State Low-Income Housing Tax Credit (LIHTC).
HRI acquired the one-acre site at 671-675 Concord Ave. in the Alewife-Cambridge Highlands neighborhood, a designated opportunity zone. The site was previously occupied by private businesses and is an area that has been targeted for long-term redevelopment by the city of Cambridge. The area has been experiencing rapid change from an industrial/manufacturing district into a mixed-use neighborhood.
“TD Bank is proud to work with Homeowners Rehab Inc., on this very important redevelopment which will provide affordable housing for those who need it most,” said Thomas McColgan, vice president at TD Bank, in prepared remarks. “This project further enhances the bank’s commitment to support low and moderate-income families by building and sustaining strong communities where people of all incomes can achieve their full potential.”
A NEW START
The 125,000-square-foot development, named HRI Concord Highlands, will have a mix of one-, two- and three-bedroom units that will be designated for extremely low-, low-, moderate- and middle-income households. Green initiatives at the community will include an energy-efficient building envelope, high-performing mechanical and ventilation systems and other potential measures including renewable solar energy.
The community is situated along the #74 and #78 MBTA bus routes, with bus stops directly in front of the site that will connect residents to Harvard Square. It is also located within walking distance of the Alewife T Station.
Image courtesy of TD Bank