Cambridge, MA – MassDevelopment has issued an $8.1 million tax-exempt bond on behalf CAHC Porter Road LLC, an affiliate of the Cambridge Housing Authority (CHA), which will use bond proceeds to buy and renovate 78-80 Porter Road Apartments, a 26-unit affordable multifamily rental housing facility in Cambridge’s Porter Square.
In addition, MassDevelopment assisted the Mass. Dept. of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $4.9 million in equity for the project. Boston Private Bank purchased the bond.
Cambridge Housing Authority will completely renovate the building while maintaining and restoring historically significant elements.
The electrical and plumbing systems will be replaced, and a ventilation system will be added to improve air quality along with heating system upgrades. The renovations will bring the building up to current building code standards by increasing accessibility, ensuring proper fire separation and smoke sealing, installing a sprinkler system, and replacing the fire alarm and fire protection system.
In addition, the organization plans to upgrade the entire building envelope by adding insulation, replacing the roof, installing new windows and doors, and restoring the brick façade through complete repointing and lintel replacement.
The units will undergo minor reconfiguration to accommodate new kitchens and bathrooms, but will maintain their historic wood flooring and trim, which will be refinished.