POAH OFFERS TO PURCHASE 1200 AFFORDABLE FLORIDA HOMES

Transfered Ownership of Miami and Jacksonville Properties Will Assure Their Long-Term Affordability for Families, Seniors

BOSTON—Preservation of Affordable Housing, Inc., (POAH) announced today that it has entered into agreements to purchase eight affordable rental properties from Greater Miami Neighborhoods, which is winding down its operations. These properties--six in the Miami area, and two in Jacksonville--collectively total 1244 rental homes. 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.

POAH's offers to purchase include, in greater Miami: Campbell Arms, 200 units; Cutler Glen, 75 units; Cutler Manor, 220 units; Cutler Meadows, 150 units; Island Place, 199 units, and New Horizons Apartments, 100 units. In Jacksonville, it is seeking to purchase: Oakwood, 200 units, and Middletown, 100 units.

POAH is a national non-profit organization that purchases affordable housing around the country to preserve its affordability. "POAH's vision in purchasing these properties is to secure their long-term financial health," said the organization's President, Amy Anthony. "There are hundreds of low-income Florida families and elders for whom this transaction may be the difference in saving their homes. Ensuring that these properties are safe, well-managed and affordable is at the very heart of POAH's mission."

Ms. Anthony further noted that, "There has been a very significant public investment in creating this housing, and POAH's purchase will also preserve the value of those taxpayer funds." Over 900 of the units POAH is purchasing currently receive Section 8 rental assistance from HUD. Many of the properties have also received assistance from the state of Florida and the local county commission.

These purchases are POAH's first in Florida. The organization, which is well-capitalized through loans and grants from funders such as the John D. and Catherine T. MacArthur Foundation, already owns more than 4800 affordable rental homes in eight states and the District of Columbia. Typically, POAH refinances the properties it purchases to ensure their affordability for forty years.

These agreements to purchase are the first steps in a lengthy negotiation. Several of the properties have filed for bankruptcy protection, and their sale will require approval of the court. POAH is hopeful of closing on all eight of the properties in September.