Preservation of Affordable Housing secures $23.5 million in financing from Rockland Trust and Citizens Bank
New England Real Estate Journal
Cambridge, MA The nonprofit Preservation of Affordable Housing (POAH) has secured $23.5 million in financing from Rockland Trust and Citizens Bank to transform a 150-year-old, underutilized church complex into housing. The project will ultimately create 46 affordable family-sized apartments.
“I have been collaborating with the POAH team for several years on affordable housing projects. These revitalization efforts offer innovative solutions for increasing housing availability in desirable neighborhoods while preserving local architectural history,” said Kelly Nguyen, vice president and commercial banker at Rockland Trust.
The project includes the adaptive reuse of the former rectory, school and convent into housing. POAH’s focus is to repurpose the existing structures while restoring and preserving their historical facades and interiors. The plan is to develop these spaces into high-quality, energy-efficient homes that are perpetually affordable. Key historic elements of the buildings’ interiors and exteriors will be maintained, honoring the history and significance of the community fixture.