City Funds Three New Affordable Housing Site Acquisitions

The City of Cambridge and the Affordable Housing Trust (AHT) proudly celebrate the acquisition of three new sites that will become permanently affordable housing for Cambridge residents. In the months of April, May, and June, the Trust supported nonprofit partners in securing 16-28 Porter Street, 1648 and 1654 Massachusetts Avenue, and 729, 735-755 Concord Avenue. As the housing crisis continues both regionally and nationwide, Cambridge continues to work toward ambitious and meaningful affordable housing goals.

"Housing affordability in Cambridge remains the defining challenge facing Cambridge today, and the significant contribution we have made to acquires these sites demonstrates our continued commitment to addressing the needs and concerns of our community," said Cambridge City Manager Yi-An Huang. "We are excited to see that our nonprofit partners will take different approaches as they create new affordable housing on these important properties. The housing crisis is a complex problem, and I am proud of the various creative paths we are taking to address solutions around affordable housing."

In the first week of June, Homeowner's Rehab, Inc. (HRI) purchased 729, 735-755 Concord Avenue, just down the street from Finch Cambridge, HRI's award winning all-affordable development completed in 2023. The sites currently host vacant commercial spaces and are expected to be redeveloped under provisions of the Affordable Housing Overlay (AHO), yielding a 100% affordable residential building. HRI will share proposed development plans later this year.

"Addressing the housing crisis requires sustained investment and decisive action, and Cambridge is committed to both," said Mayor Siddiqui. "The Affordable Housing Trust and the Affordable Housing Overlay are some of our most powerful tools in this work, and it succeeds because of extraordinary partners like HRI and CHA who turn funding into real homes. These three sites join a growing pipeline of affordable housing across Cambridge, and we look forward to expanding that pipeline for years to come."

"HRI is deeply invested in the Cambridge Highlands neighborhood having built Finch Cambridge, a 98-unit 100% affordable project down the street from this new property," said HRI Executive Director Sara Barcan. "We will take the lessons learned from that project and the other developments that we have advanced to design a beautiful, highly efficient new property that will provide critically needed affordable housing."

In May, Trust funding enabled the Cambridge Housing Authority (CHA) to acquire 1648 and 1654 Massachusetts Avenue, two historic six-story residential buildings that contain 79 one and two-bedroom units. The buildings are situated between Harvard Square and Porter Square, in one of Cambridge's most accessible and well-served neighborhoods. The apartments in these properties - which are currently market-rate rental units - will follow a unique path to affordability. The CHA will transition units from market-rate to affordable housing as units turnover occurs. Over time, all 79 residences will be converted to affordable homes serving low and moderate-income households.

"This acquisition represents a crucial step in promoting long-term affordability in Cambridge at a time when housing pressures are especially acute. The acquisition of this property will gradually bring new affordable units into the City's stock in a neighborhood rich with opportunity," said Chris Cotter, City of Cambridge Chief of Housing. "We're grateful for partners like the CHA that bring to life our housing goals. Together, we are working to ensure that Cambridge remains a diverse and inclusive city for years to come."

Weeks earlier, the CHA, with support from the Trust, successfully purchased 16-28 Porter Street in the Wellington-Harrington neighborhood. The 12,920 square-foot parcel is close to the Lechmere MBTA station, Twin City Plaza, multiple parks, and a variety of shops and restaurants on Cambridge Street. The CHA anticipates the site could support approximately 50 to 55 family-sized apartments and is expected to move forward under the City's AHO.

"Porter Street represents an exciting opportunity for CHA to build new affordable homes for families," said Clara Fraden, Chief Executive Officer of the Cambridge Housing Authority. "We are grateful to the City for their continued partnership and for their support of this acquisition. We look forward to working with neighbors to expand housing opportunities and support the diverse needs of Cambridge's low and moderate-income families."

In the months ahead, CHA will begin the community engagement and planning process, providing opportunities for community input to ensure the project integrates with the surrounding neighborhood.

The City's Housing Department shares updates on affordable housing projects - including timelines and details of upcoming community meetings - on their housing development webpage. Community members are also invited to sign up to receive email notifications about AHO projects.