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.
East Wareham, MA
Brandy Hill Apartments are located in Wareham, a southeastern Massachusetts town at the head of Buzzards Bay. The complex is located in a charming natural setting and includes a number of amenities including an outdoor swimming pool, playgrounds and a community building.
Boston, MA
The Blackstone Apartments is one of the six Massachusetts properties acquired by POAH in a single portfolio in the summer of 2012. The property houses seniors and people with disabilities, most of whom receive Section 8 rental assistance and have an income level of no more than 50% of the average median income.
Framingham, MA
Tribune Apartments is a 53-unit affordable housing development in the vibrant Irving Square Historic District of South Framingham, only one block from Town Hall.
The complex consists of two historic, attached buildings: the Tribune Building, constructed in 1890 to house the weekly Framingham Tribune newspaper; and the Victory Building, built in the early 1900s. In 1982, the 4-story property was converted to its current use as affordable housing for elderly, handicapped and disabled households.
Randolph, MA
Bridle Path Apartments comprises three handsome, wood-frame, brick-faced buildings in the Boston suburb of Randolph, MA.
Bridle Path is governed by local zoning covenants which protect it as housing for the elderly in perpetuity. However, at the time of POAH’s acquisition, its long-term affordability could have been jeopardized as its mortgage reached expiration, which would have eliminated the regulatory restrictions on its allowable rents.
Hudson, MA
Machado House at Peter’s Grove is a 96-unit senior housing development in Hudson, MA, set back from the main road in a multi-family residential neighborhood in close proximity to transportation routes, retail shops and the town’s center. The 5-story wood framed building was constructed in 1983 and has been well maintained and operates at 99% occupancy.
Pittsfield, MA
The Central Annex and Union Court buildings, originally built as a high school and a hotel respectively, were combined to create 101 subsidized housing units for families, seniors, and disabled residents in 1980. The two sites are located a half mile from each other within walking distance to downtown Pittsfield, shopping, city offices and other amenities.
Springfield, MA
Springfield is the largest city in western Massachusetts and more than half of its residents experience a high housing cost burden, meaning they must devote more than 30% of their household resources to housing costs. Solidly built in 1943 as military housing, Bay Meadow was converted to affordable housing in the 1980s. With its 100% project-based rental assistance through the Section 8 program, the property represented an irreplaceable affordable housing asset.
Orleans, MA
Rock Harbor Village is community housing development for elderly and disabled individuals located in Orleans (Cape Cod), Massachusetts. The 100 garden apartments are housed in 5 residential wood framed, shingled buildings. All of the buildings were originally constructed in 1978. The property is setback from the main road and is close to the town’s center, retail stores and major transportation routes. The site contains a well-used community building, barbecue areas and a pet park. It is 100% Section 8 and historically has had a 99% occupancy rate.
Brewster, MA
King’s Landing, located in Brewster, Massachusetts, is a critical affordable housing asset for the Town of Brewster and greater Cape Cod community. Many towns on the Cape have a very limited amount of affordable rental housing inventory. To preserve King's Landing as an important housing resource, POAH worked with state and local agencies to extend the property’s affordability restrictions which prior to refinancing, were scheduled to expire in 2017.
Johnston, RI
The attractive and well-kept 3+ acre development, Cherry Hill, might have been an appealing candidate for conversion to market-rentals in late 2004, but POAH and Rhode Island Housing crafted a refinancing package which preserved Cherry Hill’s affordability for at least 20 years. The property’s project-based Section 8 rent subsidy contract ensures that residents will continue to spend only 30% of their incomes for monthly rent.