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CAMBRIDGE, MASS. — MassHousing has provided $41.6 million in financing for a 106-unit affordable housing development at 52 New Street in Cambridge. The majority of the funds consists of a $15.4 million permanent loan, as well as $24.7 million in tax credit equity bridge financing. The borrower was locally based social services provider Just A Start.
Once completed, the community will feature one-, two- and three-bedroom apartments for households earning 30, 60 and 80 percent of the area median income. The property will also include 3,500 square feet of commercial space.