808-812 memorial drive
HRI worked with the tenant organization of 808–812 Memorial Drive for several years to purchase this expiring use property, which was in danger of having its affordability restrictions expire through the mortgage prepayment. The residents and HRI jointly operate this 300-unit, $42 million mixed-income, mixed-use project that includes a preschool, office space, a parking garage, and two gas stations.
The acquisition and rehabilitation of the property required a creative financial plan, which incorporated a multitude of funding sources, including Low Income Housing Tax Credits and HUD Low Income Housing Preservation funds (the first such combination in the country). $13 million in renovations were completed in 1998 and further improvements will continue for the next several years. Some recent improvements include a computer learning center, improved community space, new laundry facilities, a fitness center, the redesign of the interior courtyard and front marketing entrance, and the installation of a “green” co-generation mechanical system.