Acquisition and Renovation
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
Hagerstown, MD
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.
Detroit, MI
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.
Troy, MI
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.
Kankakee, IL
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.
Florence, MA
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.
Boston, MA
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.
Beverly, Danvers, Peabody, Salem, MA
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.
Chicopee, MA
Located near the town-center of Chicopee, Massachusetts, Dom Narodowy Polski Apartments is also known in town as The Polish Homes. The property includes two attached brick buildings with elevator access. The original building is listed on the National Register of Historic Places and dates back to 1910.
Hyannis, MA
Cromwell Court is a 124-unit affordable garden apartment complex in Hyannis consisting of 11 two-and-half story buildings built between 1972 and 1974. The property is located near Main Street in Hyannis with easy access to commercial areas, shopping, employment centers and transportation and includes two playgrounds, a basketball court and a community building with community room and management offices.
Lynn, MA
The historic Chestnut Gardens Apartments are located near downtown Lynn, a small city just north of Boston. The 65 units at Chestnut Gardens represented 5% of Lynn's privately-owned subsidized rental housing when POAH acquired the property.