Preservation of Affordable Housing (POAH), an affordable housing nonprofit organization based in Boston, today announced that it has closed on the recapitalization and refinancing of Tribune Apartments, a 53-unit affordable housing complex in Framingham, a metro-west Massachusetts town.
Tribune Apartments consists of two adjoining four story buildings that were built in 1910 and housed the former Framingham Tribune newspaper. The property was converted to affordable housing for low-income elderly, handicapped and disabled persons in 1982. The property includes two community rooms, onsite management, and is about 100 yards from the commuter rail and MetroWest transportation services.
POAH closed on the initial acquisition transaction within 90 days to allow the property’s seller to exit ahead of a deadline imposed by the property’s existing financing. The recent closing secured the construction and long-term permanent financing. Planned improvements include replacement of all historic windows, fire safety and accessibility upgrades, as well as renovations to unit kitchens and bathrooms.
“We were very pleased to partner with POAH to help keep 53 apartments in downtown Framingham affordable for low-income senior citizens and residents with disabilities who will also benefit from important support services there for many years into the future,’’ said MassHousing Executive Director Tim Sullivan. “The residents are also going to benefit from extensive renovations that are going to modernize the property and maintain it as a valuable affordable housing resource for the Framingham community.’’
“Ensuring our low-income seniors and residents with disabilities have access to modern, accessible housing with wraparound services is crucial for residents to successfully age in their community, and one way we are investing in this strategy is through our Housing Preservation and Stabilization Trust Fund (HPSTF),” said Housing and Community Development Undersecretary Chrystal Kornegay. “POAH’s progress on the Tribune Apartments is an important step towards better supporting our elderly residents and individuals with disabilities, and we look forward to continued partnership on this project.”
POAH anticipates completing the renovation by the fall of 2017, with construction and permanent financing from MassHousing, tax credit investor partner, Massachusetts Housing Investments Corporation, historic tax credits investor partner Clocktower, and additional funding from the MA Department of Housing and Community Development, Community Economic Development Corporation, the Town of Framingham, and TD Charitable Bank. The development team partners include Guzman Prufer Architects, Epsilon Associates, and Delphi Construction.