TORRINGFORD WEST CELEBRATES 25 YEARS
Four Charter Residents Laud Their Affordable Homes

BOSTON, MA–The residents of Torringford West Apartments in Torrington, Connecticut enjoyed lunch and music today as they celebrated the development's 25th anniversary as affordable housing for seniors on fixed incomes. Purchased in 2005 by Preservation of Affordable Housing, Inc., (POAH), Torringford West includes 79 1-bedroom rental apartments for elderly residents, and under POAH's stewardship will remain affordable at least though 2025. Local elected officials and others were invited to join the property's residents, including four who have resided at Torringford West Apartments since it was opened in September 1983. Adrianna Broggi, Martha Harder, Lyla Holtman and Alta Palaski were feted as the charter residents of Torringford West.

POAH purchased Torringford West to secure its future as affordable housing for low-income elders. POAH is a Boston-based nonprofit organization committed to preserving 'at risk' affordable rental housing. Hundreds of developments like Torringford West were built several decades ago in every state in the country with mortgages subsidized by the federal government. In return for lower interest rates, the private owners of these properties agreed to keep rents affordable for the duration of the mortgage period. As these notes reach their 'paid in full' status, owners are free to convert rents to market rates--sometimes an increase of as much as 40%--or even sell the buildings for condominiums. When such housing is lost, communities are disrupted, people are displaced, and there are not adequate funds from any source to replace the homes. On average, resident incomes in POAH rental communities are only 30% to 50% of median.

Given its attractive grounds, excellent condition and solid neighborhood location, Torringford West would have been a perfect target for conversion to market rate rents when its mortgage reached maturity. The property is set unobtrusively on a large and beautiful site in an appealing residential neighborhood not far from downtown. "The city of Torrington and all of Litchfield County are highly desirable areas of Connecticut," said POAH President Amy S. Anthony in noting the Torringford West anniversary. "Our purchase of this property ensures that many elders with limited financial assets will be able to remain here and count on rents they can afford."

The long-term affordability of Torringford West's rents is crucial; Connecticut is the 6th most expensive rental market in the country. The average Litchfield County rent for a 1-bedroom apartment is $800 per month. At Torringford West, however, rents are protected through Section 8 subsidies, allowing seniors to pay 30% of what they receive monthly from Social Security or a pension. There is more than a 2-year wait for an available rental unit.

POAH continues to maintain and upgrade Torringford West for the benefit of its residents. A grant from AT&T is helping them 'bridge the digital divide': residents now have two years of free wireless internet access in their apartments thanks to the company's investment. "AT&T is pleased to support the elderly residents of Torringford West," said AT&T Connecticut State President Ramona Carlow. "This grant is a great example of AT&T's philosophy to connect people with their world where they live and work."

The AT&T grant is the latest contribution to Torringford West's financing. The purchase was made possible by the Prudential Social Investment Fund, with the approval of the Connecticut Housing Finance Agency. "We are grateful to all of our partners whose commitment has been essential to protecting Torringford West Apartments as an affordable housing asset now and in the future," Ms. Anthony concluded.