The City of Cambridge, with its diverse and vibrant neighborhoods, internationally known universities and historic structures, transit connectivity, and job opportunities create a considerable demand for housing in the city.
The chance to live in Cambridge, especially for low- and moderate-income households, has been seriously limited by our high-cost housing market. HRI works to combat this trend by preserving and developing affordable housing across the City through two key strategies: acquiring properties on the market and renting them at restricted, affordable levels and by building new affordable developments.
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HRI became the owner of Matheson Apartments, 70 units of affordable housing in downtown Worcester, in December 2017. In this role, HRI has an opportunity to refinance, rehabilitate and recapitalize the project; we are committed to keeping the building at the affordability levels determined by the expired HUD Regulatory Agreement until the project is refinanced and subject to new and extended restrictions. HRI staff are currently applying for Historic Tax Credits and other financing, as well as working with the City of Worcester. Most Matheson residents are low-income immigrant families; in additional to working with local community groups to help residents access resources, HRI is looking forward to introducing and/or expanding resident programs that can help support the community.
HRI will also address existing capital needs through refinancing; it’s been 40 years since the buildings have undergone a comprehensive renovation, and there is currently significant deferred maintenance at Matheson. For example, existing windows and heating distribution systems are not functioning well and elevators are beyond their useful life. Replacing outdated equipment, updating HVAC and mechanical systems, and other key renovations will greatly improve the health and safety of all residents.