8-10 Lancaster Street
The Cambridge Housing Authority (CHA) established Lancaster Street Apartments LLC to purchase, renovate and operate this 65-unit mixed-income apartment building in Porter Square. Formerly rent controlled, the building was fully occupied by a mix of low- and moderate-income, and market-rate tenants and was at risk of being converted to market-rate condominiums. CHA has retained income diversity in the property by ensuring that at least 55 units will serve households with incomes below 80% AMI, and that the remaining units serve households with incomes less than 120% of AMI. In 2005, the CHA completed the final phase of a multi-year total rehabilitation of the building, resulting in a more energy efficient and permanently affordable property.
Primary funding for the rehab of this building was provided by low-income housing tax credit equity, the Cambridge Affordable Housing Trust and the CHA through its participation in HUD's Moving to Work deregulation demonstration.