Word: renting
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...addition, the University proposed to keep rents at rent-control levels until 1998 for its 94 low-income tenants and to set aside 10 percent of its units as affordable housing for 20 years. The University also proposed to sell 24 of its apartment buildings--mostly small, wood-frame houses--on the open market...
...school and the city reentered discussions. As Galluccio pointed out, the city was not in a position to deal. After the abolition of rent control, Harvard was legally free to raise rents, sell properties or convert to affiliate housing...
...selling 100 units to the city, Galluccio said, Harvard has ensured that more low-income tenants will live in its formerly rent-controlled property than did under rent control...
...screening tenants for need, he said, the city can ensure that only low-income residents live in the 100 apartments. Under rent control, on the other hand, anyone could live in a rent-controlled apartment, regardless of income...
Overall, Harvard has committed 26 percent of its formerly rent-controlled property to affordable housing, an amount which pleases city leaders and many community activists...