Cambridge, MA – MassDevelopment has issued a $30.5 million tax-exempt bond on behalf of Roosevelt Towers Family LLC, an affiliate of the Cambridge Housing Authority (CHA), which will use bond proceeds to renovate and preserve Roosevelt Towers Low Rise, a 112-unit affordable multifamily rental housing facility in Cambridge.
In addition to the tax-exempt bond, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $19.2 million in equity for the project. Boston Private Bank purchased the bond.
Roosevelt Towers Low Rise is part of the U.S. Department of Housing and Urban Development’s (HUD) Section 18 Disposition program. This program helps public housing authorities preserve housing facilities by converting units from their original sources of HUD financing to project-based Section 8 contracts, thereby allowing them to secure private and alternative public sources of capital financing for maintenance and improvements.
Planned renovations to Roosevelt Towers Low Rise include replacing central heating and ventilation systems and select kitchen and bathroom fixtures; installing a new roof, windows, and entry doors; completing masonry repointing and sealing; and upgrading the plumbing and electrical service.