Cambridge, MA – MassDevelopment has issued an $18.7 million tax-exempt bond on behalf of Truman Apartments, LLC, an affiliate of the Cambridge Housing Authority, which will use bond proceeds to buy, renovate, and equip the Harry S. Truman Apartments. The 59-unit affordable rental housing facility at 25 8th St. in Cambridge serves seniors and disabled individuals.
In addition to the tax-exempt bond, MassDevelopment assisted the Mass. Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in equity for the project. Boston Private Bank purchased the bond.
“This project represents the continuation of a longstanding partnership with the Cambridge Housing Authority as it works to create and preserve affordable housing options in an increasingly expensive city, demonstrating how MassDevelopment’s tax-exempt financing opportunities can create real impacts and outcomes for communities in the Commonwealth,” said MassDevelopment president and CEO, Dan Rivera.
The Harry S. Truman Apartments include 59 one-bedroom apartments, community space, a common kitchen, common laundry, and office and maintenance spaces. Planned renovations to the facility include updating mechanical, electrical, plumbing, and envelope systems. It is part of the U.S. Department of Housing and Urban Development’s (HUD) Section 18 Disposition program.