Word: loan
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CAHT, a nonprofit organization run by the city of Cambridge, will distribute the remaining $6 million of Harvard's loan...
...million loan will be administered by three intermediary non-profits. In their hands, the money will "revolve"--be loaned out, paid back and loaned out again--multiplying its effects up to 10 times...
...addition, Harvard's example will encourage other private institutions and the government to contribute to affordable housing, according to Mathew A. Thall, senior program director of Boston's Local Initiatives Support Corporation (LISC), a nonprofit organization which will dispense $10 million of the loan...
Combined with funds generated by "revolving," Harvard's commitment to providing a $20 million loan--over 20 years at 2 percent interest--will provide housing developers upward of 20 times that amount. Intermediaries will use University money to encourage additional giving from public and private institutions...
Thall predicted that the $10 million Harvard loaned LISC will attract $150 million more. Overall, Harvard's loan will allow LISC to create about 4,000 new units of affordable housing over 20 years, he said...