CAHC was incorporated in 1989 as a charitable organization "to acquire, improve (through rehabilitation, new construction, and acquisition), and to make available, at the lowest possible cost to persons and families with low and moderate income of every race, religion and nationality, housing in the City of Cambridge." CAHC currently owns 58 units and has a contract with the CHA for development, management and modernization services. CAHC currently has a Condo Acquisition Program (CAP) to acquire scattered site condominium units throughout Cambridge. Funding for this initiative is provided through the CHA, the City of Cambridge's Affordable Housing Trust, and the Massachusetts Housing Partnership Fund. Units acquired are leased to low income individuals and families through the Section 8 program. In addition to the ongoing CAP, CAHC is currently exploring a number of very important new potential outlets for development.
ESMI was organized in 2000 to provide, acquire, improve, and operate low rent housing for qualified individuals in Cambridge in accordance with the rules and regulations prescribed by the Department of Housing and Urban Development and the Commonwealth of Massachusetts. ESMI currently owns 14 condo units in conjunction with the John F. Kennedy HOPE VI effort.
Kennedy Management, Inc. serves as the management company for both John F. Kennedy Apartments LLC and Lancaster Street Apartments LLC.
The John F. Kennedy Apartments LLC was formed on February 22, 2001 to acquire the John F. Kennedy apartments, rehabilitate and operate 69 units of affordable housing in Cambridge. 25 of these units are reserved for an assisted living facility serving low to moderate income tenants, and 44 units are independent public housing units for elderly and disabled tenants.
Lancaster Street Apartments, LLC was organized to acquire, renovate, and operate a 65 unit apartment complex located at 8-10 Lancaster Street as an affordable housing development. 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.