A choice riverside site midway between Harvard and MIT will be used for low and moderate income housing, the Massachusetts Housing Finance Agency (MHFA) announced Wednesday.

An $11 million MHFA loan will permit construction of 295--apartments--half with federal rent subsidies--and office and community space in two high rises and a series of terraced buildings.

The development at 808 Memorial Dove and River St., will be jointly owned by the Riverside Cambridgeport Community Corporation a coalition of 21 organizations promoting low and moderate income housing, Nemetz and Gil Bern Industries Ins.

"This project is unique because what was a situation of real antagonism gave place to something where everyone developer and community--has a financial state," Joy Conway, the MH FA's public information officer, said yesterday.