POAH - Preservation of Affordable Housing

The Preservation Challenge
Meadowbrook Apartments includes 252 rental homes set attractively on a 26-acre wooded site on the outskirts of Northampton, Massachusetts. The property was built in the mid-1970's with a HUD loan restricting rents to affordable levels for low-income residents. As Meadowbrook neared the end of its mortgage restrictions in 2001, the owner made public his intention to convert the apartments to market rents or condominiums. Given the pastoral setting, large unit sizes and proximity to Northampton's many attractions, Meadowbrook's success as a market-rate development seemed quite likely.

The residents of Meadowbrook Apartments battled vigorously to preserve the property's affordability, holding community meetings and protests and enlisting the city's mayor, who threatened to take the site by eminent domain in order to preserve it as affordable housing for Northampton citizens.

POAH’s Role
POAH began working with the Meadowbrook team in 2003. As with most preservation transactions, the project's financing was pieced together from a number of sources, including tax-exempt bonds from MassHousing, a loan from the state's Capital Improvement and Preservation Fund (CIPF), Community Development Block Grant funds from the City of Northampton, and syndication proceeds from the sale of Low Income Housing Tax Credits (LIHTC). This complex deal took nearly a year to orchestrate; POAH purchased the Meadowbrook property in the summer of 2004.

Nearly $4 million in renovations followed the purchase, including significant work to make the buildings more watertight and impervious to moisture. Many kitchens and baths were upgraded, and the community building received substantial improvements to its accessibility.

491 Bridge Road Northampton, MA 01062 Meadowbrook's buildings take full advantage of the expansive grounds, with deep setbacks from the street and broad lawns between buildings. On-site amenities include an outdoor swimming pool, children's play area and community building with space for classes and training.	Project Partners • City of Northampton • Valley Community Development Corporation • HAP, Inc. • Massachusetts Department of Housing and Community Development • Massachusetts Housing Investment Corporation (MHIC) • MassHousing The Preservation Challenge Meadowbrook Apartments includes 252 rental homes set attractively on a 26-acre wooded site on the outskirts of Northampton, Massachusetts. The property was built in the mid-1970's with a HUD loan restricting rents to affordable levels for low-income residents. As Meadowbrook neared the end of its mortgage restrictions in 2001, the owner made public his intention to convert the apartments to market rents or condominiums. Given the pastoral setting, large unit sizes and proximity to Northampton's many attractions, Meadowbrook's success as a market-rate development seemed quite likely. The residents of Meadowbrook Apartments battled vigorously to preserve the property's affordability, holding community meetings and protests and enlisting the city's mayor, who threatened to take the site by eminent domain in order to preserve it as affordable housing for Northampton citizens. POAH’s Role POAH began working with the Meadowbrook team in 2003. As with most preservation transactions, the project's financing was pieced together from a number of sources, including tax-exempt bonds from MassHousing, a loan from the state's Capital Improvement and Preservation Fund (CIPF), Community Development Block Grant funds from the City of Northampton, and syndication proceeds from the sale of Low Income Housing Tax Credits (LIHTC). This complex deal took nearly a year to orchestrate; POAH purchased the Meadowbrook property in the summer of 2004. Nearly $4 million in renovations followed the purchase, including significant work to make the buildings more watertight and impervious to moisture. Many kitchens and baths were upgraded, and the community building received substantial improvements to its accessibility.
© Preservation of Affordable Housing