Homeowners Rehab secures $39.8m for affordable housing project

Homeowners Rehab secures $39.8m for affordable housing project

Published at: 2018-10-05 16:10 | Author: CIJ USA
Homeowners Rehab Inc. (HRI) secured $39.8m from TD Bank to develop of an affordable apartment community in Cambridge, Massachusetts. The bank provided a $22m construction loan and $17.7m in equity for HRI to purchase a Federal and State Low-Income Housing Tax Credit. Located in the city’s Alewife-Cambridge Highlands neighborhood, the 125,000 sq ft HRI Concord Highlands will feature 98 units. Green initiatives at the community will include an energy-efficient building envelope, high-performing mechanical and ventilation systems and renewable solar energy.

“TD Bank is proud to work with Homeowners Rehab Inc., on this very important redevelopment which will provide affordable housing for those who need it most,” said Thomas McColgan, vice president at TD Bank. “This project further enhances the bank’s commitment to support low and moderate-income families by building and sustaining strong communities where people of all incomes can achieve their full potential.”

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