Neville Place entailed the conversion of an historic public rest home on the Fresh Pond Reservation into a 72-unit mixed-income, tax credit assisted living residence. The project is sponsored by the Cambridge Housing Authority, which provided 39 Section 8 project-based rental vouchers to increase affordability. Mr. Novak acted as development finance consultant on this project, applying for and assembling the complex project financing—which included LIHTC,Historic rehabilitation Tax Credits, HOME, CDBG, State Housing Innovations Fund, FHLB AHP, PB Sec. 8, conventional construction and permanent loans, and donated public land—and closing the financing. The residence opened in 2001, and includes a 112-bed acute care facility on the same site that was financed using HUD 232 mortgage insurance
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