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CHA Secures $45M in Affordable Housing Financing for Cambridge Apartments

MassHousing has provided $45 million in affordable housing financing to an affiliate of the Cambridge Housing Authority (CHA) for the modernization and preservation of the 198-unit Daniel F. Burns Apartments in Cambridge.

The Burns Apartments consist of 198 housing units in two, six-story midrise buildings located at 30-50 Churchill Ave. in Cambridge. All of the apartments will have one bedroom except for one two-bedroom unit. The CHA plans to modernize building systems at the Burns Apartments by improving the building envelope, plumbing, heating and cooling systems. The CHA will also make roof repairs and replace most interior components, including kitchen and bathroom repairs, and will renovate common areas both inside and outside of the buildings.

MassHousing is providing the CHA with a $43.7 million tax-exempt permanent loan and a $1.2 million tax credit equity bridge loan. The MassHousing financing generated $36.8 million in federal Low Income Housing Tax Credit equity.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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