Harvard-HRI preserve affordability at Putnam Square Apartments
Harvard University and Homeowner’s Rehab Inc. (HRI), a Cambridge-based nonprofit, have agreed to terms on a property transfer for the Putnam Square Apartments at 2 Mt. Auburn Streetthat will ensure the building remains affordable housing. Harvard has required HRI to preserve the 94-unit building as affordable housing for senior citizens for a minimum of 30 years, and ensured that residents’ eligibility and their rent calculation will not change. “We are pleased to reach this milestone with a local nonprofit organization that has created and preserved approximately 2,000 affordable units in Cambridge and brings direct expertise in the management and support of senior affordable housing,” said Christine Heenan, vice president for Harvard Public Affairs and Communications. “All of the parties involved — residents of the building, City and State government, Harvard, and HRI — shared a commitment to preserve the property as affordable for the long term.” “The City, HRI, and Harvard have a...