The Initiative was established last year by Harvard University to develop affordable housing in its host cities, Boston and Cambridge. The capital funds - $10 million to each city – will be loaned over 20 years. In addition to Boston Community Capital, the Cambridge Affordable Housing Trust and the Boston Chapter of the Local Initiatives Support Corporation will distribute the funds.

"This is a very unique initiative," Jim Barrows of Boston Community Capital, tells GlobeSt.com. "Harvard is the only university to make such a substantial commitment to community development. They realized they have a significant impact on the area."

In total, the Initiative has helped finance $11 million in affordable housing projects. The BCLF, using the Initiative's funding, financed 18 projects, including the Ruggles Assisted Living Facility here, which is located in a former school in the neighborhood of Roxbury. The facility is being developed by a joint venture of the New Atlantic Development Corporation, New Communities services, Inc. and the Committee to End Elder Homelessness.