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A ribbon cutting was held this week for Caritas Communities Inc.‘s completion of the historic preservation of Central House, the largest licensed lodging house for men in Cambridge.
Caritas Communities assembled $10 million in private equity, public lending and tax-exempt bond financing to update 128 units of occupied affordable single-room occupancy units at The Cambridge Family YMCA at 820 Massachusetts Avenue in Central Square.
The physical updates included new bathrooms, elevators and heating systems as well as a new roof and masonry repairs to the facades of the red-brick building. Caritas Communities owns and manages 28 single-room occupancy houses, providing affordable housing for more than 750 men and women in the Greater Boston area.
MassDevelopment issued the bond and along with the Department of Housing and Community Development allocated the low-income housing tax credits (LIHTC), which generated approximately $2.8 million in equity. The tax credits were syndicated by Massachusetts Housing Investment Corporation and sold to BrooklineBank and Cambridge Savings Bank.
Boston Private Bank Trust Company purchased the $4.6 million tax exempt bond.
Additional funding came from the City of Cambridge Affordable Housing Trust, Massachusetts Affordable Housing Trust Fund, and the Department of Housing and Community Development’s HOME and HSF programs.
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