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Putnam Square Apartments Completion
On September 16th, HRI held a celebratory event for the completion of Putnam Square Apartments, 94-units of elderly rental preservation project. The development is a single 12 story building on a 14,870 square foot lot with interior space of 71,582 square feet and a concrete exterior. Amenities include a library, laundry room, public computers, community room, and outdoor deck. HRI acquired the building in August 2013, after the previous owner complied with the provisions of State’s new 40T regulation and DHCD selected HRI as their 40T designee. The Cambridge City Council, the City of Cambridge Community Development Department, and the Tenants’ Association were supportive of HRI’s efforts to acquire the development. Putnam Square Apartments is subsidized through a project based Section 8 contract through the Cambridge Housing Authority for all 94 units.
The term of this contract is 15 years with options for three five-year extensions, totaling 30 years. This subsidy targets households below 50% of area median income. HRI secured funding from the State’s Affordable Housing Trust, Capital Improvement and Preservation Fund, and Low Income Housing Tax credit equity to perform $4.5 million of rehab at the property. The rehab scope aimed to increase the comfort and quality of life for residents in the building. Improvements included a new boiler, windows, and envelope repairs which will contribute to a higher level of temperature control in the building. A number of changes were made to make the property more livable and accessible for physically disabled or impaired residents. These improvements, along with a broad scope of services available to residents through a contract with Somerville Cambridge Elder Services, will enable residents to “Age in Place” in their homes rather than moving to an assisted living facility.
Through the acquisition and rehab of Putnam Square Apartments, HRI is helping Cambridge remain accessible to all, regardless of age or income.
Check out the article on this event! Putnam Square Apartments preserved for Seniors
Visit from HUD Secretary Julian Castro to highlight the success of HOME funding in our property, Putnam Green!
From left: City of Newton Mayor Setti Warren, HUD Secretary Julian Castro, City of Cambridge Mayor Dahid Maher.
On Friday, Aug. 14th 2015, we had the pleasure of hosting a visit from U.S. Housing and Urban Development (HUD) Secretary Julián Castro for a series of events focused on expanding affordable housing opportunities and support of HOME funding.
Secretary Castro visited our property, Putnam Green, a sustainable affordable rental development. Putnam Green is a 40 unit development that has been transformed from a vacant lab building into healthy, sustainable, affordable housing.
The Secretary was joined by Cambridge Mayor David Maher and Newton Mayor Setti Warren. We are thankful for their visit, and support of creating affordable housing opportunities for all.
Watch a PSA about the Home Improvement Program, featured on CCTV! More