POAH Preservation of Affordable Housing
FOR IMMEDIATE RELEASE December 22, 2003
Contact:
Preservation of Affordable Housing (POAH)
617.261.9898
FOR IMMEDIATE RELEASE December 22, 2003
Contact:
Preservation of Affordable Housing (POAH)
617.261.9898
POAH ANNOUNCES PURCHASE OF TWO PROPERTIES IN THE DETROIT METRO AREA
BOSTON, May 1, 2003/PRNewswire/ -- A nationally focused preservation group's purchase of two towers will ensure long-term affordability options for low- income and senior residents in nearly 600 units. Preservation of Affordable Housing, Inc. is pleased to announce its recent purchase of two substantial properties in the Detroit metro area. POAH, based in Boston, Massachusetts, was established as a national non-profit organization to preserve at-risk properties. POAH purchases, restructures financially, rehabilitates, and manages affordable housing developments as long-term owners.
Oakland Park Towers is a 297-unit building in Troy, and Belle Maison Towers East has 280-units in Detroit. Both properties were originally funded under the federal Section 236 program, with underlying affordability agreements that were expiring. "These are POAH's first apartment investments in Michigan," said Amy Anthony, President of POAH. "Preserving these very nice properties and enhancing them for the benefit of the residents, many of whom have lived here for several years, meet our mission. And, the cooperation we've received from Michigan state officials in the purchasing process has been gratifying, so, we look forward to a long future of being responsible Michigan owners."
The United States Department of Housing and Urban Development (HUD) has designed procedures to assist non-profit organizations, like POAH, in purchasing real estate and performing the rehabilitation required of properties that are 30 years old or more -- as these two properties are. In addition, the Michigan State Housing Development Authority has expanded a targeted "preservation" finance program, which is designed to ensure that ownership of similar properties that come on the market could readily be acquired by non-profit organizations and developers who are committed to sustaining them as affordable housing resources for future generations.
Preservation of Affordable Housing, Inc. acquires, financially restructures, physically rehabilitates, and manages subsidized housing developments, particularly “at risk” properties, as a long-term owner.
Originally part of the National Equity Fund (NEF), it was spun off as an independent entity in 2001. In addition to the Michigan properties, POAH's portfolio includes 1660 affordable rental homes in Missouri.
BOSTON, May 1, 2003/PRNewswire/ -- A nationally focused preservation group's purchase of two towers will ensure long-term affordability options for low- income and senior residents in nearly 600 units. Preservation of Affordable Housing, Inc. is pleased to announce its recent purchase of two substantial properties in the Detroit metro area. POAH, based in Boston, Massachusetts, was established as a national non-profit organization to preserve at-risk properties. POAH purchases, restructures financially, rehabilitates, and manages affordable housing developments as long-term owners.
Oakland Park Towers is a 297-unit building in Troy, and Belle Maison Towers East has 280-units in Detroit. Both properties were originally funded under the federal Section 236 program, with underlying affordability agreements that were expiring. "These are POAH's first apartment investments in Michigan," said Amy Anthony, President of POAH. "Preserving these very nice properties and enhancing them for the benefit of the residents, many of whom have lived here for several years, meet our mission. And, the cooperation we've received from Michigan state officials in the purchasing process has been gratifying, so, we look forward to a long future of being responsible Michigan owners."
The United States Department of Housing and Urban Development (HUD) has designed procedures to assist non-profit organizations, like POAH, in purchasing real estate and performing the rehabilitation required of properties that are 30 years old or more -- as these two properties are. In addition, the Michigan State Housing Development Authority has expanded a targeted "preservation" finance program, which is designed to ensure that ownership of similar properties that come on the market could readily be acquired by non-profit organizations and developers who are committed to sustaining them as affordable housing resources for future generations.
Preservation of Affordable Housing, Inc. acquires, financially restructures, physically rehabilitates, and manages subsidized housing developments, particularly “at risk” properties, as a long-term owner.
Originally part of the National Equity Fund (NEF), it was spun off as an independent entity in 2001. In addition to the Michigan properties, POAH's portfolio includes 1660 affordable rental homes in Missouri.