The units are to be owned and managed as permanent low-income housing by a local non-profit organization.
Third, the city will allow Harvard to devote its remaining units exclusively to Harvard affiliates, allowing the University to provide students, staff and faculty with affordable housing.
Of the original 700 units Harvard owned under rent control, 100 have now been sold to the city, approximately 40 have been sold at market rates and the remaining 560 are still owned and managed by Harvard.
Of the roughly 560 that remain under Harvard control, approximately half are protected status tenants entitled to remain in their apartments for as long as they choose, and half are Harvard affiliates.
Rowe says this agreement helps Harvard to achieve two of its goals.
"We had to balance two issues, one is our institutional commitment, the other is the commitment to the community," he says.
While most are happy with the resolution, for some the issue is not over.
"I think its great," says City Councillor Katherine Triantafillou. "I just want to see more."