July 11, 2019
Construction is underway on the renovation of Millers River Apartments, a 285-unit affordable housing community in Cambridge.
To complete the project, MassHousing provided $82 million in financing to the Cambridge Housing Authority (CHA), through the agency’s Conduit Loan Program. The transaction will enable the CHA to extend affordability for the life of the property. The general contractor is Consigli Construction Co., and the architect is Dietz & Co.
The Millers River Apartments consist of 282 housing units in a 19-story building located at 15 Lambert St. in Cambridge. As part of the transaction, three new apartments will be created at the property. Of the 285 apartments, 30 will be for households earning at or below 30% of the area median income (AMI), and 255 apartments will be for households earning at or below 60% of AMI. The AMI for Cambridge is $79,350 for a one-person household, and $90,650 for a two-person household.
For comments, questions or concerns, please contact David Cohen