Governor Healey Awards Financing to Two Affordable Housing Developments in Cambridge

Governor Maura Healey this week announced $278 million in state and federal financing and tax credits to support housing development across Massachusetts. Of the 29 projects awarded statewide, two 100% affordable developments in the City of Cambridge received funding that will enable them to begin construction in 2027. Amid a nationwide housing crisis, this round of awards from the Executive Office of Housing and Livable Communities (EOHLC) is the largest in more than a decade.

"We're thrilled that new affordable housing projects in Cambridge have been awarded HLC funding," said Cambridge City Manager Yi-An Huang. "This recognition reflects the exceptional work of our affordable housing partners and affirms the effectiveness of the City's policies and strategies. With this vital funding from the HLC, we expect construction on these projects to begin next year and look forward to delivering 162 new affordable homes for Cambridge families. In Cambridge, affordable housing has long been a top priority. We have made tremendous progress through innovative zoning reform and significant funding commitments, but none of it would be possible without crucial funding support from the Commonwealth."

"Cambridge continues to make strong, sustained investments in affordable housing-but the housing crisis is a regional and national challenge, and we cannot tackle it alone," said Cambridge Mayor Sumbul Siddiqui. "These new awards from HLC show exactly how meaningful progress happens: through partnership. We're grateful for Governor Healey and the Commonwealth's support; when local leadership and state investment come together, we're able to deliver the kinds of affordable homes our residents deserve and move our region toward a more stable and equitable future."

Developing affordable housing requires coordination across multiple funding sources. In Cambridge, the Affordable Housing Trust consistently plays a central role in this effort. Through the Trust, the City has committed funding to both affordable housing projects receiving HLC awards: Cambridge Housing Authority's 67-unit Corcoran Park development and Homeowners Rehab, Inc. (HRI)'s 95-unit project on Wendell Street.

"Affordable housing is one of the deepest challenges facing our community and creating affordable housing with funding from the Affordable Housing Trust is a proven approach," said Cambridge Chief of Housing Chris Cotter. "We are fortunate to have long-standing partnerships with affordable housing providers who can successfully compete for funding needed to deliver on ambitious project goals. Their successful track record allows the Trust to make funding commitments with confidence that developments will succeed."

The awarded developments will create permanently affordable homes for families and older adults in Cambridge. The new HLC financing will allow developers to move forward with site work and construction.