Westport Village

Westport, MA

Deal Type:
Acquisition/Rehab

Year Built:
2005

Acquisition Date:
2024

Number of Units:
48

Tenancy:
Senior

Westport Village is a 48-unit senior building originally constructed in 2005 that currently operates under the federal Section 42 Low Income Housing Tax Credit (LIHTC) program. POAH will extend the Project Based Voucher contract (PBV) covering 12 apartments that was set to expire in 2025. POAH purchased the partnership interest and refinanced the first mortgage loan with Capital Magnet Funds (CMF), a federal grant program administered by the Community Development Financial Institutions Fund that awards grants to nonprofit affordable housing organizations to finance housing solutions and community revitalization efforts.

POAH will own and manage the property while it assembles the financing sources to renovate the development so it remains a sustainable and resilient community for the next generation of residents. The building has been well-maintained and benefits from strong historical occupancy – averaging over 99% in recent years. The property is located near the Westport River and the Rhode Island border and currently has a 108-person waitlist. POAH also plans to strengthen each community’s connection to local resources through its community impact coordinators who help connect residents to support programs and services offered by their towns.