Preservation of Affordable Housing (POAH) today announced that it has closed on the recapitalization and refinancing of Brandy Hill Apartments, a 132-unit affordable housing complex in Wareham, a southeastern Massachusetts town at the head of Buzzards Bay, Cape Cod.
The property was originally developed in the early 1970s under the HUD Section 236 program which provides interest rate subsidies in exchange for affordability and was preserved under the Emergency Low Income Housing Preservation Act (ELHIPA) in 1994.
POAH purchased the property in 2010, six years before affordability restrictions were due to expire. Without POAH’s intervention, the property’s long-term affordability could have been at risk.
This 4% Low Income Housing Tax Credit (LIHTC) recapitalization will provide $8 million dollars ($62,000 per unit) for POAH to perform substantial renovations including new siding, HVAC systems upgrades, 504/ADA upgrades, unit component upgrades, etc.
POAH anticipates completing the renovation by the fall of 2017, working with tax credit investor partner, Stratford Capital Group, The Architectural Team and Delphi Construction. MassHousing will provide the debt financing.