Grassroots housing organizations said they have an immediate need for the money.
The Cambridge and Somerville Cooperative Apartment Project (CASCAP), a housing development group founded at Phillips Brooks House in 1973, said two of its projects face immediate funding shortfalls.
"We'd love it if CAHT would come in and fill those gaps [using the Harvard money]," said CASCAP Executive Director Michael Haran.
Problem Solved?
"The housing problem in Cambridge and Boston is so massive that you'd have to be talking hundreds of millions over long periods of time to solve it," said Bill Cavellini, housing organizer for the Eviction Free Zone, a Cambridge group.
According to Massachusetts Representative Michael E. Capuano (D-Somerville), the area's housing shortage is a "bottomless pit" that has been exacerbated by the loss of federal and state subsidies over recent years.
Capuano said Harvard's action will help to compensate for the lack of government funding.
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