Preservation of Affordable Housing (POAH), a leading national non-profit organization based in Boston, MA, has acquired a 50-unit apartment complex situated on 7.16 acres at 2227 Garner Road in Raleigh, NC. POAH specializes in the preservation of affordable housing and has created or preserved more than 13,000 apartments in 11 states and the District of Columbia since its founding in 2001.
The sale was facilitated by brokers Billie Redmond and Jonathan M. Bassi, of TradeMark Properties, representing the Seller, Biltmore Hills Limited Partnership.
“When the City of Raleigh partnered with Wake County last year on a fund to preserve affordable housing, this was the result we were looking for,” said Raleigh Mayor Mary-Ann Baldwin. “This is the second project we have supported to preserve affordable housing and ensure that our residents have access to stable housing.”
The property, which is currently in its 30-year affordable housing compliance period, faced the risk of redevelopment or conversion to market-rate housing upon expiration of the compliance period. The seller embraced the opportunity to find an affordable housing buyer focused on preservation of the existing units. POAH's purchase ensures that the residents will have continued access to affordable housing options well into the future.
POAH partnered with the City of Raleigh and Wake County in securing funds for the future rehabilitation of the properties which will involve an extended tax compliance commitment. With Self Help providing the financing, the transaction represents a public-private partnership investing in those most in need in the Raleigh community.
“We are very excited to preserve and extend the affordability of these 50 homes for families that would otherwise be at risk of displacement,” said Aaron Gornstein, President and CEO of Preservation of Affordable Housing “POAH’s partnerships with Wake County, the City of Raleigh, and SelfHelp Ventures Fund have enabled us to assemble the resources to ensure low- and moderate-income families have access to high-quality, affordable, stable housing for the long-term. Raleigh is a city that is working hard to make sure it remains a diverse and accessible community, and the leadership of its elected officials and staff in designing and funding these programs is commendable.”