POAH - Preservation of Affordable Housing

Preservation of Affordable Housing, Inc. (“POAH”) has rescued and restored some of America’s most ‘at risk’ rental housing. Currently, POAH owns more than 6400 apartments in 49 developments in 9 states and the District of Columbia. On average, the incomes of residents in POAH housing are only 30 to 50% of median.

POAH is known nationally for its ability to structure innovative financing and close complex deals which preserve long-term housing affordability for the elderly and disabled, working families and others priced out of the housing market. POAH has also successfully influenced a range of public programs to make them more amenable to addressing the nation’s housing preservation challenge.

Six Projects, 846 Apartment Units in Miami, Jacksonville Purchased and Preserved

Will Assure Their Long-term Affordability for Families, Seniors

BOSTON, MA (February 20, 2009) – Preservation of Affordable Housing, Inc., (POAH) announced today that it has closed on the purchase of six affordable rental properties – five in the Miami area and one in Jacksonville – with a collective total of 846 apartment units. The seller was Greater Miami Neighborhoods, Inc. (GMN), a Florida-based non-profit which is winding down its operations after over 20 years serving its communities. All of the properties will require significant reinvestment and rehabilitation so that they may be preserved as healthy, decent affordable housing for the long-term.

FULL STORY IN PDF