DeWitt C. Jones '79, the president of BCC, estimated the $4 million that his organization will receive would eventually draw $40 million more in contributions.
In addition, both Thall and Jones said their organizations typically revolve their loans every two to four years, allowing them to put Harvard's money to use multiple times.
"We want to make sure that the money gets out on the street and does double, triple and quadruple duty," Thall said.
CAHT, a nonprofit organization run by the city of Cambridge, will distribute the remaining $6 million of Harvard's loan.
By using these intermediary groups, Harvard will be able to take its personnel out of the day-to-day work of distributing the money.
"Harvard doesn't have to look at a specific non-profit and one building campaign," said Jones, who is a Crimson editor. "We're spreading the money around to a whole series of projects and recycling that money many times."
All three intermediaries said they hope to put the money to use as soon as possible, probably within the next few months.
Read more in News
Bush Spent Undergrad Years Away From PoliticsRecommended Articles
-
Cantabrigians Seek Fair Rent From HarvardMore than 70 students and members of the Cambridge community gathered in Sever Hall last night to discuss Harvard's management
-
Harvard-City Housing Plan FaltersDiscord among Cambridge neighborhood organizations may jeopardize a June agreement between Harvard and the Cambridge City Council over the fate
-
Housing Protestors Confront City CouncilProtestors from the Eviction Free Zone (EFZ), a grass roots community activist group, parked outside City Hall on Monday morning
-
Trust Poured More Than $20M Into City's Housing Last YearAs housing prices across the city continue to rise, the Cambridge Affordable Housing Trust presented its progress report at last
-
The Candidates: Who They Are, Where They StandKatherine Triantafillou, 49 Endorsements: Lavender Alliance, Greater Boston Labor Council, Massachusetts Women¹s Political Caucus, NOW, New Party Painters and Allied
-
University to Fund Affordable HousingHarvard President Neil L. Rudenstine is expected to announce a multi-million dollar initiative today to use University money to fund
