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Country Club Village II Apartments

Location

Springfield, MO

Description

Country Club Village, consisting of two adjacent properties built in separate phases, is one of 14 Missouri properties POAH purchased in 2001. Country Club Village is located in Springfield, a city of 152,000 located in the southwestern corner of the state.

In order to preserve Country Club Village and the balance of the Missouri portfolio, POAH collaborated with the Missouri Housing Development Commission and others to craft a workable purchase plan. The financing package included loans as well as equity proceeds from the sale of Low Income Housing Tax Credits (LIHTCs).

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Briston Arms Apartments

Location

Cambridge, MA

Description

Cambridge, Massachusetts is one of the country's most desirable and expensive real estate markets due largely to the presence of Harvard University, Massachusetts Institute of Technology and the City's location next to the City of Boston.

Briston Arms has been serving as an affordable housing asset for the City of Cambridge since 1973, providing housing choices for residents with a range of incomes. Briston Arms was at risk of losing its affordability when the subsidy restrictions would have expired in 2018.

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Aaron Briggs Manor

Location

Providence, RI

Description

Aaron Briggs Manor is an 88-unit senior housing property located in the West End of Providence, Rhode Island at the edge of the Federal Hill neighborhood. It is a valuable affordable housing resource for the City’s elderly population that was at risk of losing its affordability in 2015. At that time, POAH secured the bridge financing necessary to purchase it and pursue a long term refinancing execution.

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Washington Gardens

Location

Hagerstown, MD

Description

Washington Gardens in Hagerstown, MD is POAH's only purchase to date in Maryland which, according to research by the National Low Income Housing Coalition, is the 4th most expensive state in the nation for renters. In Hagerstown, about one-third of all families are renters and preserving the 100 apartments at Washington Gardens was essential to ensuring their future affordability for families of limited means.

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8330 On the River

Location

Detroit, MI

Description

8330 On the River is a high-rise building located on the banks of the Detroit River across from Belle Isle and includes 280 apartments affordable to low-income elderly residents. The building was originally offered in a portfolio with five others, all nearing expiration of their Section 236 rent restrictions. It was against this backdrop that POAH and the Michigan State Housing Development Authority (MSHDA) pursued the opportunity to maintain affordability when 8330 On the River became available in 2003.

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920 On the Park

Location

Troy, MI

Description

POAH acquired 920 On the Park, a 297-unit subsidized senior housing community for persons 62 years and older and those with mobility impairments, in 2003.  It is located about 20 miles from downtown Detroit in Troy, an attractive suburban community known for its good schools, safe streets, many parks, and low property taxes.

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Crestview Village Apartments (IL)

Location

Kankakee, IL

Description

Crestview Village Apartments was built in 1968 under the HUD Section 236 program to provide families in Kankakee with affordable housing options within a safe and secure neighborhood. By the year 2000, Crestview Village had become one of the most troubled developments in HUD’s Illinois portfolio.

POAH crafted a complex layering of financial subsidy to underwrite the purchase of Crestview Village in 2005. This included State of Illinois Donation Credits, a unique preservation funding mechanism available only in Illinois and one other state.

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Meadowbrook Apartments

Location

Florence, MA

Description

Meadowbrook Apartments includes 252 rental homes set attractively on a 26-acre wooded site on the outskirts of Northampton, Massachusetts.

As Meadowbrook neared the end of its mortgage restrictions in 2001, the owner made public his intention to convert the apartments to market rents or condominiums.

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Franklin Square Apartments

Location

Boston, MA

Description

Franklin Square Apartments, located in Boston’s South End, has had a long history of housing the city’s underserved populations. Prior to its conversion to housing for the elderly and disabled, the Franklin Square House served as a dormitory for young working women at the turn of the 20th century when there was little safe and affordable housing for them.

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Fairweather Apartments

Location

Beverly, Danvers, Peabody, Salem, MA

Description

On the north shore of Massachusetts, the Fairweathers comprise properties in four locations: Beverly, Danvers, Peabody and Salem.

In the overheated real estate market of 2005-2006, there was great concern that the Fairweathers, built with HUD funds in 1968 as affordable housing for the elderly, could be converted to market rents or even condominiums.