POAH - Preservation of Affordable Housing

The Preservation Challenge
Torringford West Apartments represented a classic preservation opportunity for POAH. The property is an attractive, well-maintained residence for low-income elders, built in 1983 and located in a solid residential neighborhood. Its owners might well have chosen to opt out of any rent regulatory program when its mortgage matured, converting to market-rate rents unaffordable to seniors on fixed incomes.

To secure the property's long-term affordability, POAH purchased Torringford West in 2005, and at that time was able to arrange renewal of the property's project-based Section 8 rental subsidy contract. Because the rent subsidies are attached to the property rather than to individual tenants, the units remain affordable to both current and future elderly residents for the duration of the subsidy contract. The property has historically had more than a two-year waiting list of income-qualified seniors.

POAH's Role
The three-story, wood frame property includes 79 one-bedroom apartments--10 outfitted for handicapped accessibility--as well as a large community room and kitchen, patios on the ground floor, and beautifully landscaped grounds. An elevator services the upper floors. There is local bus transportation to downtown Torrington, as well as a regular program of social and other activities.

356 Torringford West Street Torrington, CT 06790 All of the units at Torringford West feature exceptional views, either of the handsomely landscaped entryway in the front, or of the spacious grounds beside and behind the building. Preserving these affordable homes, which have historically had a waiting list of more than two years, was important; without POAH's intervention, the owners might have chosen to opt out of any rent regulatory program when the property's mortgage matured.	Project Partners • Prudential Social Investment Fund • U.S. Department of Housing and Urban Development (HUD) The Preservation Challenge Torringford West Apartments represented a classic preservation opportunity for POAH. The property is an attractive, well-maintained residence for low-income elders, built in 1983 and located in a solid residential neighborhood. Its owners might well have chosen to opt out of any rent regulatory program when its mortgage matured, converting to market-rate rents unaffordable to seniors on fixed incomes. To secure the property's long-term affordability, POAH purchased Torringford West in 2005, and at that time was able to arrange renewal of the property's project-based Section 8 rental subsidy contract. Because the rent subsidies are attached to the property rather than to individual tenants, the units remain affordable to both current and future elderly residents for the duration of the subsidy contract. The property has historically had more than a two-year waiting list of income-qualified seniors. POAH's Role The three-story, wood frame property includes 79 one-bedroom apartments--10 outfitted for handicapped accessibility--as well as a large community room and kitchen, patios on the ground floor, and beautifully landscaped grounds. An elevator services the upper floors. There is local bus transportation to downtown Torrington, as well as a regular program of social and other activities.
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