Homeowners Rehab Inc. has received funding for a 98-unit apartment community in Cambridge to be called Concord Highlands. It will be the largest affordable housing community in Cambridge in 40 years, with all units being deed-restricted and affordable.
MassHousing provided the nonprofit with $24.7 million in affordable housing financing. Funding includes a $8.9 million permanent loan, a $11.9 million tax credit equity bridge loan and a $3.8 million in workforce housing funding from the agency’s $100 million Workforce Housing Initiative. TD Bank is providing construction financing and equity, and Massachusetts Housing Investment Corp. will syndicate $13.7 million in federal and state low-income housing tax credit as a result of MassHousing’s financing.
The city of Cambridge is providing $8.1 million from the city’s affordable housing trust and $2 million in HOME funds. The Massachusetts Department of Housing and Community Development is providing $1.5 million in direct subsidy from the housing stabilization fund and $1.5 million from the affordable housing trust fund.
The project will involve the construction of a 6-story building, with the goal of pursuing a Green Enterprise certification for sustainable materials and energy efficiency. The general contractor is NEI General Contracting. The architect is ICON Architecture and the property will be managed by WinnCos.
