Briston Arms Apartments
Cambridge, Massachusetts is one of the country's most desirable and expensive real estate markets due largely to the presence of Harvard University, Massachusetts Institute of Technology and the City's location next to the City of Boston.
Briston Arms has been serving as an affordable housing asset for the City of Cambridge since 1973, providing housing choices for residents with a range of incomes. Briston Arms was at risk of losing its affordability when the subsidy restrictions would have expired in 2018.
As a result of this acquisition, POAH will continue Briston Arms' use as a mixed-income community and is making renovations which will help preserve and ensure its affordability for years to come. The mix includes Section 8 Housing Assistance rental subsidies for 73 of the apartments and new rental assistance subsidies for an additional 46 apartments. Thirty five of the apartments will continue to be offered at market rates. POAH renovations include new windows, roof, storm doors, siding, electrical upgrades and masonry repairs. The property will also be brought into compliance with current ADA (accessibility) requirements.
POAH financed the purchase using a mortgage from MassHousing, mezzanine financing from The Life Initiative and the City of Cambridge, and both Federal and State low income tax credits.
- Massachusetts Housing Investment Corporation (MHIC)
- CEDAC (Community Economic Development Assistance Corporation)
- The Life Initiative
- US Department of Housing and Community Development (HUD)