Word: projects
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Dates: during 1960-1969
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...plans. But perhaps the underlying cause of discontent was the feeling that 300 units of housing simply wouldn't fit, that a development of this size would ruin what some called the aesthetic and historical character of the neighborhood. As Jones put it, to visualize the size of the project, "you would have to picture two buildings the size of William James Hall surrounded by smaller buildings...
...date. Wiggins says. the revisions in plans have not been enough to get anticipated rents down to the level Faculty members would like. Harvard is planning for the project to be fully tax-paying and self-supporting so, aside from the construction savings, the only possible savings are in the method of financing. And here Harvard has been disappointed to date...
...University is planning to finance the project under Massachusetts's newly-established Health and Higher Education Facilities Authority. In essence, this authority helps universities, hospitals. etc. to finance construction at the rate of interest for tax-exempt bonds, rather than at the higher market interest rate. The authority issues bonds to finance the construction, owns the project when it is completed, and rents it to the University for a nominal fee. The bonds are then retired out of the revenues of the project-rents in the case of Shady Hill...
University officials reject another method of financing-paying for the project out of the University's endowment funds. Though the GSD suggested that Harvard could loan money from its endowment at five per cent interest, Harvard officials point out that endowment funds currently gain about 7 per cent a year and argue that it is vital to keep this return high in an era when all divisions of the University are increasing their demands for funds. "If you take unrestricted money which is now earning interest and use it to meet operating expenses, you just increase the size...
...question of how high the rents will be is particularly importane, because it will largely determine what kinds of University personnel live in the Shady Hill project. That in turn has major implications for the impact of the project on the neighborhood...