Harvard University has launched $21 million affordable-housing initiative, citing rising home prices in Massachusetts.

President Neil L. Rudenstine on Wednesday announced a program that includes a $20 million low-interest loan program managed by nonprofit agencies, a $1 million fund for one-time grants, and a research and advisory group of faculty to help nonprofits to carry out their affordable-housing missions.

The nonprofit organizations in the program -- Boston Community Capital, the Cambridge Affordable Housing Trust, and the Local Initiatives Support Corp. -- will manage the $20 million capital loan fund, which will provide funds for 20 years at a 2% interest rate. Harvard cited a 233% rise since 1980 in the median home price in Massachusetts.

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