Preservation of Affordable Housing closes $8 million recapitalization funding

Wareham, MA Preservation of Affordable Housing (POAH), an affordable housing nonprofit organization based in Boston, has closed on the recapitalization and refinancing of Brandy Hill Apartments, a 132-unit affordable housing complex. 

The property was originally developed in the early 1970s under the HUD Section 236 program which provides interest rate subsidies in exchange for affordability and was preserved under the Emergency Low Income Housing Preservation Act (ELHIPA) in 1994.

This 4% Low Income Housing Tax Credit (LIHTC) recapitalization will provide $8 million ($62,000 per unit) for POAH to perform substantial renovations including new siding, HVAC systems upgrades, 504/ADA upgrades, unit component upgrades, etc.

POAH purchased the property in 2010, six years before affordability restrictions were due to expire. Without POAH’s intervention, the property’s long-term affordability could have been at risk. 

POAH anticipates completing the renovation by the fall of 2017, working with tax credit investor partner, Stratford Capital Group, The Architectural Team and Delphi Construction. MassHousing will provide the debt financing.  Photos and info: http://www.poah.org/property/massachusetts/brandy-hill-apartments

POAH is a national nonprofit organization whose mission is to preserve, create and sustain affordable, healthy homes that support economic security and access to opportunity for all. POAH owns more than 9,000 affordable apartments in nine states and the District of Columbia.