PNN Online: Law, Taxes, Money: Harvard plans $20 million, 20-year affordable housing program

Nov. 17, 1999

Harvard plans $20 million, 20-year affordable housing program

Harvard University is planning $20 million in low-interest loans for affordable housing in the Cambridge and Boston areas.

Harvard President Neil Rudenstine announced the "Harvard 20/20/2000" program last week, saying the university "benefits enormously from the vitality and attractiveness of Cambridge and Boston, but that benefit will erode if there is nowhere to live."

The plan features a $20 million loan fund that will provide 20-year, two-percent loans to local nonprofit groups. The program could mean about 10,000 new housing units for people earning $40,000 to $70,000 annually.

Lead organizations are the Boston Community Capital (BCC), the Cambridge Affordable Housing Trust (CAHT), and the Local Initiatives Support Corporation (LISC/Boston Chapter). The money will be equally split between Cambridge and Boston.

Massachusetts median home prices are double the national average.

Harvard also is giving $1 million to nonprofits to come up with new ways to relieve the shortage.

Full text of the article is currently found at:
http://www.hno.harvard.edu/gazette/1999/11.11/
press.html

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RELEVANT LINKS:

Harvard University

Harvard 20/20/2000

Boston Community Capital

Local Initiatives Support Corporation (LISC/Boston Chapter)

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