Boston Financial: Mobilizing Local Resources for Affordable Housing
The work of an affordable housing developer is never done. Take the case of Preservation of Affordable Housing (POAH), a nonprofit developer, owner, and operator of more than 12,000 affordable homes in eleven states and the District of Columbia. Among its properties is Salem Heights, a 281-unit, dual high-rise community in Salem, Massachusetts. Salem Heights was built in the early 1970s as affordable housing under a HUD subsidized loan. In 2003, POAH stepped in to prevent the property from being converted to market-rate apartments. This made a critical difference: at the time, the units in the two high-rise buildings represented 15% of Salem’s total privately-owned affordable housing supply. POAH dedicated $3 million of its acquisition financing for a modest rehab and subsequently modernized the community’s elevators and heating system.
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Off Plan Property Exchange: Affordable Housing Community in Lowell to Undergo Comprehensive Renovations