808–812 Memorial Drive
HRI worked with the tenant organization of 808–812 Memorial Drive for several years to purchase this expiring use property, which was in danger of having its affordability restrictions expire through the mortgage prepayment. The residents and HRI jointly operate this 300-unit, $42 million mixed-income, mixed-use project that includes a preschool, office space, a parking garage, and two gas stations. The acquisition and rehabilitation of the property required a creative financial plan, which incorporated a multitude of funding sources, including Low Income Housing Tax Credits and HUD Low Income Housing Preservation funds (the first such combination in the country). $13 million in renovations were completed in 1998 and further improvements will continue for the next several years. Some recent improvements include a computer learning center, improved community space, new laundry facilities, a fitness center, the redesign of the interior courtyard and front marketing entrance, and the installation of a “green” cogeneration mechanical system.
Auburn Court is a development consisting of 137 units of mixed-income housing. It is located within University Park, a 27-acre parcel in the Cambridgeport neighborhood owned by MIT and leased to Forest City Development. University Park is a mixed-use development that includes office space, research and development facilities, retail stores, a hotel and over 400 units of housing. The development was the culmination of over 15 years of community activism to develop affordable housing at University Park. HRI developed Auburn Court in two phases consisting of a total of 137 units. This is a true mixed-income development with low, moderate, and market-rate families. Most recently, we added 9 new affordable units (affordable to households earning below 60% of area median income). HRI also extended the affordability restrictions an additional 40 years, and currently has a contract with the Cambridge Housing Authority for project-based vouchers for both new and original low-income units.
The Harvard Properties consists of 100 rental units contained in 10 scattered site buildings in the Harvard Square area of Cambridge. The buildings were purchased in 1997 from Harvard University at a below-market rate with assistance from the City of Cambridge. Renovations have been completed in most of the units, while the rest will be completed upon turnover. The units will continue to be leased to low and moderate-income households.
This portfolio was acquired in 2000 and consists of 95 units of existing housing located in 17 scattered-site buildings located in the eastern portion of the City. At the time of purchase, the units were nearly fully occupied with low-income tenants. The Bedrick Properties are being rehabilitated upon turnover and capital improvements will continue for the next several years.
This 42-unit, privately owned “expiring use” development located in the Central Square area of Cambridge became free and clear of all of its affordable housing restrictions. All 42 units, 88% of which were two-bedrooms or greater, had served a low-income population for over 30 years. All of these residents would have likely lost their homes if HRI had not acquired and redeveloped the property. Renovations included an upgraded electric system, upgraded utilities, replacement of 22 kitchens and 36 baths, a sprinkler system, and modification of two units for handicapped use. The property was completed and stabilized in 2004.
Located in the Area 4 neighborhood of Cambridge, the Fogerty Building is a four-story brick building containing 17 large, family-sized apartments including 14 three-bedroom units. The property has been purchased by an affiliate of HRI to preserve and expand the affordability for low- and moderate-income households. This is a preservation project that will ensure that affordable housing currently available will not be lost to a market-rate conversion.