In 2022, LIIF invested in the six-story Rindge Commons Economic Mobility Hub in N. Cambridge, Massachusetts, with our Senior Loan Officer, Northeast Region Adyam Ghebre attending a groundbreaking ceremony (photo below, third from right). Our organization offered an $11 million source loan and $13 million via a New Markets Tax Credit allocation for this community facility in a historically excluded community.
Today, Adyam was excited to return for the ribbon cutting.
She was joined by community leaders, including Rep. Ayanna S. Pressley (D-Mass.), Cambridge Mayor E. Denise Simmons and Massachusetts Lieutenant Governor Kim L. Driscoll.
LIIF prioritizes co-location of child care and affordable housing: The 8,681-square-foot space on the first and second floors will be leased to the City of Cambridge, which will operate an affordable pre-K program. On the second, third and fourth floors will be the 26,325-square-foot home of Just A Start, a 50+-year-old nonprofit that aims to “build equitable and thriving communities by guiding individuals and families on their path to economic stability through affordable housing, career training and comprehensive support services.” An additional fourth-floor space will be rented out, while above will be 24 units of affordable housing.
Read the press release.
Read the Banker and Tradesman article.
Photo credit: Christopher McIntosh
Photo credit: Jennifer Rancilio