Cambridge Court - 411 Franklin Street
Built in the 1970s, Cambridge Court Apartments is a mixed-income development which currently provides affordable housing to more than 92 low and moderate income seniors. Located at 411 Franklin Street, Cambridge Court Apartments was at risk of market-rate conversion after its affordability restrictions expired. However, affordability was successfully preserved when the private owners of this 122-unit senior housing building elected to extend affordability for another 50 years.
While the owners had had the right, for several years, to prepay their original MassHousing mortgage and convert the affordable units to market-rate, they remained steadfast in their commitment to finding a way to maintain affordability at their property. Through a coordinated effort involving close collaboration among owners, tenants, the Cambridge Housing Authority, and the City, the owners crafted a preservation plan for the property which would protect affordability of all 92 existing affordable units.
The preservation of Cambridge Court Apartments was a notable accomplishment, made possible due to the commitment of both concerned owners and dedicated tenants, and will ensure that this important housing resource remains available to low and moderate-income seniors for many years to come.