Word: allstoned
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Harvard’s multi-million dollar Allston development fund has been all but wiped out by the financial crisis, University officials said last week—likely scuttling the hopes of some Harvard faculty and administrators that its money could be diverted toward their own strapped budgets...
...strategic infrastructure fund, an annual 0.5 percent levy on Harvard’s endowment created in 2002 to support capital projects in Allston, may fall short even of future expenses demanded by existing plans, due to a projected 30 percent drop in the endowment’s value this fiscal year...
...recent years, the University has assumed long-term debts to finance property acquisitions and development planning in Allston, to be paid for in part by funds from...
Previous funding assumptions “must be reassessed and are unlikely to cover the same things in scale we initially envisioned for Allston,” said Harvard Chief Financial Officer Daniel S. Shore...
...current status of the SIF—which University officials voted in 2005 to extend through 2031—contrasts with a misconception perpetuated among some faculty members that slowing down construction in Allston would create a “windfall” for other projects by freeing up SIF funds, Hyman said...