Wednesday, October 17, 2012
Boston preserves affordable apartments in the Fenway
By Thomas Grillo, Real Estate Editor
Northeastern University and the Massachusetts Housing & Shelter Alliance have agreed to keep 67 apartments at the Greater Boston YMCA in Boston affordable until 2032.
The partnership, brokered by Mayor Thomas M. Menino, comes on the heels of Northeastern’s $11 million purchase of the “Hastings Wing” at 320 Huntington Avenue from the YMCA. Hastings is home of the Cardinal Medeiros Program, which assists people moving from homelessness to permanent housing. MHSA, the program’s sponsor, signed a lease with Northeastern to continue operations of the program.
The 20-year deal furthers the city’s mission to provide services for homeless adults who lack affordable housing and are struggling with domestic violence, addictions, mental health problems and other disabilities. Boston is the recipient of nearly $20 million annually from the U.S. Department of Housing and Urban Development to provide services and emergency housing for the homeless.
Northeastern is planning to build the $100 million GrandMarc dormitory at the Y, which is set to house 720 beds.
© 2012 American City Business Journals.
URL: http://www.bizjournals.com/boston/real_estate/2012/10/boston-preserves-affordable-apts.html?ana=twt