June 5, 2020 Comments Off on CHA Secures $45M in Affordable Housing Financing for Cambridge Apartments Views: 516 Boston New England News, Top Boston

CHA Secures $45M in Affordable Housing Financing for Cambridge Apartments

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MassHousing has provided $45 million in affordable housing financing to an affiliate of the Cambridge Housing Authority (CHA) for the modernization and preservation of the 198-unit Daniel F. Burns Apartments in Cambridge.

The Burns Apartments consist of 198 housing units in two, six-story midrise buildings located at 30-50 Churchill Ave. in Cambridge. All of the apartments will have one bedroom except for one two-bedroom unit. The CHA plans to modernize building systems at the Burns Apartments by improving the building envelope, plumbing, heating and cooling systems. The CHA will also make roof repairs and replace most interior components, including kitchen and bathroom repairs, and will renovate common areas both inside and outside of the buildings.

MassHousing is providing the CHA with a $43.7 million tax-exempt permanent loan and a $1.2 million tax credit equity bridge loan. The MassHousing financing generated $36.8 million in federal Low Income Housing Tax Credit equity.

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