LIHC Investment Group Donates its Stake in Close Building to Community Development Corporation Serving Cambridge
For Immediate Release
Close Building Marks the Second Donation of Affordable Housing in Greater Boston
Boston, MA— LP Solutions LLC (“LPS”), an affiliate of LIHC Investment Group, one of the nation’s largest owners of affordable housing, today announced that it will donate its ownership stake in the Close Building to Just-A-Start Corporation, a community development corporation focused on the preservation and expansion of affordable housing opportunities in Cambridge and nearby communities.
“Just-A-Start has been an invaluable partner in the Close Building, and under their stewardship the property will be preserved and maintained as affordable housing for tenants and the community for generations to come,” said Andrew Gendron, Principal, LIHC Investment Group. “Quality, affordable housing is the foundation of healthy neighborhoods and this donation will allow Just-A-Start to continue and expand its mission in a very tight housing market.”
“This generous donation assures the preservation of this property as affordable housing,” said Deborah Ruhe, Executive Director of Just-A-Start Corporation. “We will leverage this donation to support renovations and upgrading of the building to begin next year, in addition to sustaining quality community development programming for local residents.”
The Close Building is a 61-unit, 100 percent affordable building, which participates in the federal Project-Based Section 8 program. Under the ownership of Just-A-Start, the building will remain affordable and tenants will continue to pay no more than 30 percent of their income toward rent. The donation is one of the largest donations of affordable housing in Greater Boston.
The property is the second in the Boston area that LIHC Investment Group has donated to a community-based, not-for-profit operator. In 2015, the company donated its ownership stake in Dimock Bragdon Apartments, a 54-unit affordable building in Roxbury, to Urban Edge, a community development corporation working in Jamaica Plains and Roxbury.
The Close Building is the former home of the George Close Company, a chocolate factory, whose principal, George Close, erected the brick building at 243 Broadway in 1910. Known in One Portland Square | Suite 6A | Portland, Maine 04101 its day for its chocolates, suckers, lemon drops, sponge cakes and butter balls, the factory employed 125 people and produced around three tons of confections per day for distribution throughout New England. The first floor of the building housed offices, receiving and shipping rooms while the upper floors were used for manufacturing. It was converted to affordable housing in 1977.
LIHC Investment Group had been a partner the Close Building since 2006. The building includes two management offices, a large community room, and laundry room. Two parking lots on separate sites serve the building with 23 spaces. The Close Building offers studios, one and two bedroom units.View All News