Developments > Auburn Court I
The property is located in the Cambridgeport neighborhood of Cambridge on land that is controlled through a sublease agreement with Forest City. Forest City leases University Park from the Massachusetts Institute of Technology (MIT) through a Master Lease Agreement. The project will have two 15-year Project-Based Rental Assistance (PBA) HAP contracts with the Cambridge Housing Authority. One covers 39 units in the existing building and a new contract will cover the 8 new construction units. The contracts will be renewed prior to closing and will also provide for three 5-year extension options, which ensures 30 years of rental subsidy. The eight buildings are located on a 1.04 acre parcel, contain a total of 98,785 gross square feet and include: 17 1 BR/1 bath, 46 2 BR/1 bath, and 23 3BR/1.5 bath units. The property also contains 62 auto parking spaces, 32 bike parking spaces, a laundry room and tenant storage areas.
Auburn Court I
Project at a Glance:
Location:
Cambridge
Development Type:
Rental
MHIC Financing:
$10,112,100 in LIHTC financing
Sponsor:
Homeowners Rehab, Inc.
Number of Units:
86
Date Completed:
12/15/2017
The property is located in the Cambridgeport neighborhood of Cambridge on land that is controlled through a sublease agreement with Forest City. Forest City leases University Park from the Massachusetts Institute of Technology (MIT) through a Master Lease Agreement. The project will have two 15-year Project-Based Rental Assistance (PBA) HAP contracts with the Cambridge Housing Authority. One covers 39 units in the existing building and a new contract will cover the 8 new construction units. The contracts will be renewed prior to closing and will also provide for three 5-year extension options, which ensures 30 years of rental subsidy. The eight buildings are located on a 1.04 acre parcel, contain a total of 98,785 gross square feet and include: 17 1 BR/1 bath, 46 2 BR/1 bath, and 23 3BR/1.5 bath units. The property also contains 62 auto parking spaces, 32 bike parking spaces, a laundry room and tenant storage areas.