The intermediaries will then dispense both small and large loans to fund developments ranging from renovating existing apartments to building new units and providing special-needs housing.
Harvard selected the three intermediaries--Boston Community Capital, Cambridge Affordable Housing Trust and Local Initiatives Support Corp.--based on their "demonstrated track record and experience," according to Grogan.
"I promised the Harvard Cooperation we'd be paid back," he said.
The $1 million grant program focuses on affordable housing research rather than physical development. According to Grogan, the grant program will promote the testing of new ideas and innovations.
Grogan said the University has no plans to make similar grants in the future.
"This is a one-time allocation. Don't expect it to be repeated," he said. "The University isn't a foundation and we don't want to get into large-scale grant giving."
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