Capstone, Hope Real Estate Complete Affordable Housing In Cambridge
Shown: Capstone Communities and Hope Real Estate Enterprises execs, along with officials from various agencies, at the ribbon-cutting for Port Landing, a 20-unit affordable housing development on the edge of Kendall Square in The Port neighborhood. The property is a mix of one-, two- and three-bedroom units, with 10 units available to households earning no more than 60% of AMI; eight units for those earning no more than 50%; and two units for those earning no more than 30%.
The development was funded through a complex mix of sources, as is typical for affordable housing, including MassDevelopment, the City of Cambridge and the Massachusetts Housing Investment Corp. Rents at comparable market-rate apartments in Cambridge are four to six times higher than those at Port Landing. Previously, the site was vacant.
