Preservation and Acquisition Strategies
Our organization's development staff work to acquire existing housing and/or vacant land and preserve existing affordable housing using a range of strategies and policy tools.
Our organization has successfully acquired and developed affordable housing throughout Cambridge, and continues to actively find and purchase new properties that help us meet the City’s deep need for affordability. Below are areas of interest for acquisition:
- 6+ unit properties, particularly properties where low-income residents are currently living;
- Commercial buildings or vacant land suitable for new construction; and
- Parcels in “opportunity areas” that have been rezoned by the City of Cambridge
808-812 Memorial Drive, 300 units
Our development staff are also actively looking for opportunities to purchase and preserve additional existing affordable housing. Our organization has recently preserved existing affordable housing in Cambridge through Massachusetts’ Chapter 40T legislation, which gives the state Department of Housing and Community Development (DCHD) the right to purchase properties that have expiring affordability restrictions. DHCD typically selects a nonprofit agent to purchase these “expiring use” buildings; HRI has been selected as the nonprofit agent and owner of two expiring use properties (Chapman Arms and Putnam Square Apartments) since Chapter 40T was enacted in 2009.
Pre-40T legislation, our organization purchased 808-812 Memorial Drive and Inman Square Apartments as a move to preserve the exisiting affordable housing structures at these two multi-family properties. We have since extended the affordability restrictions, completed renovations, and will continue to keep these properties affordable to low-income households for the long-term.
In today’s high-cost real estate markets, extending federal and state affordability restrictions, Chapter 40T legislation, and ongoing policy advocacy to support affordable housing are all essential strategies for preserving the affordability of expiring-use properties.
Inman Square Apartments, 116 units