Putnam Square - 2 Mt Auburn Street
In August 2013, Putnam Square Apartments was successfully purchased by local non-profit developer Homeowners Rehab, Inc. (HRI), thereby securing affordability of 94 apartments for seniors and disabled individuals. Built in the early 1970s by Harvard University, the development is located at 2 Mt. Auburn Street at the intersection of Massachusetts Avenue, Mt. Auburn Street and Putnam Avenue, near Harvard Square.
The sale of Putnam Square Apartments to HRI by Harvard University fell under the state’s Chapter 40T statute, which provides the state or its designee the right to make a first offer to purchase “expiring-use” properties. City officials, with the support of City Council, worked with the tenants and tenant advocates to make sure that all parties understood the importance that Putnam Square Apartments be sold to an experienced affordable housing developer who would preserve affordability for the long term and complete important building upgrades. The state selected HRI as their 40T designee and HRI made an offer to purchase the property.
Harvard’s selection of HRI as purchaser, and the University’s commitment to provide additional resources to help tenants access services, will ensure that residents will be well-served for years to come and that this important housing resource will be permanently preserved. Since purchasing the property, HRI has assembled financing to complete a comprehensive building renovation which is scheduled to begin during the Summer of 2014. In advance of the full rehab, HRI made necessary immediate repairs, including the installation of a new heating system and the installation of new elevators.