Nonprofit Preservation of Affordable Housing (POAH) has acquired and will be rehabbing three affordable housing communities in Attleboro, Mass.
To facilitate the purchase and initial rehabilitation, MassHousing has closed on $17.2 million in financing. It has provided POAH with $5.9 million in financing for the 83-unit Hebronville Mill and $11.3 million for the 144-unit combined Gardner I and II properties.
These short-term loans are just the first step. POAH and MassHousing plan to complete a second transaction that will fully recapitalize the properties, allow for major renovations, and extend affordability for residents, according to officials.
“Hebronville Mill and Gardner Terrace I and II are in need of financial stability and significant property improvements to ensure that these 227 rental homes remain a viable, affordable option for the families and individuals who live there,” said MassHousing executive director Chrystal Kornegay. “POAH is a high-capacity organization with a deep commitment to serving the needs of lower-income residents, and MassHousing is pleased to be able to partner with them on this important revitalization effort.”
Hebronville Mill is a six-building, 83-unit complex that was originally constructed in the 1850s as a cotton production facility. The mill was converted to housing in 1985, with townhome buildings added to the property in 1989.
There are 27 one-, 39 two-, and 17 three-bedroom apartments. Forty apartments are restricted to residents earning at or below 80% of the area median income (AMI). Thirty-two units are supported by the Massachusetts Rental Voucher Program, and 43 units are rented at market rates. The AMI for Attleboro is $87,000 for a household of four.
Gardner Terrace II is attached to Hebronville Mill. Its two buildings were constructed around 1850 as weaving mills, and its 52 one-bedroom apartments are supported by a federal Section 8 Housing Assistance Payment (HAP) contract for lower-income households.
Gardner Terrace I is located in two buildings near downtown Attleboro and about 4 miles from Hebronville Mill and Gardner Terrace II. Originally built in the 1850s as jewelry factories, the buildings were converted to housing in 1984. All 92 one-bedroom apartments are also supported by a Section 8 HAP contract.
“We are pleased to be able to preserve these historic properties in Attleboro and to ensure the long-term affordability for the low-income families and seniors who live here. POAH is grateful for the significant support from MassHousing and looks forward to improving the properties and enhancing the quality of life for the residents for years to come,” said POAH president and CEO Aaron Gornstein.
POAH is a Boston-based nonprofit organization that owns and operates more than 11,000 affordable homes at 115 properties in 11 states and the District of Columbia. It has rescued and restored some of America’s most “at risk” rental housing and is known nationally for its ability to develop innovative financing structures and to close complex deals which preserve long-term housing affordability for residents.
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in the state.
