POAH - Preservation of Affordable Housing

The Preservation Challenge

In 2004, a local nonprofit received a comprehensive permit to construct up to 24 affordable housing units in a three-story building on a heavily wooded site which was the last parcel to be disposed of by a former retail store.
Despite support from the Town of Weymouth, the proposed project faced a contentious permitting process that delayed construction for six years. Ultimately all Conservation Commission requirements were met, including construction of a sidewalk along the access road to connect to the existing town sidewalk and measures to deal with storm water volume.

By the time all mitigation requirements were met, the financial crisis threatened the project's financing. At that time, the original LIHTC investor, MHIC, along with the original project sponsor, South Suburban Affordable Housing Inc. reached out to POAH to suggest the idea of partnering with the aim of brining POAH’s financial strength to the team. Together, the POAH-SSAHI team was able to secure funding through DHCD for Tax-Credit Exchange Funding from the American Recovery and Reinvestment Act and close on construction financing in October of 2010. Eleven months later, the property was fully occupied after just a one month lease-up period.

POAH’s Role
In the spring of 2010 when SSAHI and MHIC asked POAH to begin working with them, it was clear to POAH that this was an opportunity to assist a local non-profit in getting across the finish line for a fully-permitted project that had been subject to years of delay from apparent NIMBYism. In this case, POAH was not precisely “preserving” existing affordable housing, but rather “preserving” the opportunity for new affordable housing.

With federal and state housing resources, the team was able to close on financing in October 2010 and immediately begin construction. Working with the Conservation Services Group, the construction and design team was able to build a highly efficient building system. With a solar hot-water system for domestic hot water, an insulated slab and highly efficient individual heating and cooling systems, this property provided a blank slate upon which POAH was able to implement many of the latest green technologies which are often precluded by the nature of the rehabilitation work we typically undertake.

679 Pond Street Weymouth, MA Torrey Woods is a 20 unit affordable housing development for working families and seniors in a heavily wooded area off Pond Street. Torrey Woods was developed as a collaboration with South Suburban Affordable Housing, Inc. to provide more affordable housing to the community. The apartment complex iis convenient to Main Street's commercial district and incorporates numerous energy efficiency strategies including a solar thermal system for hot water.	Project Partners South Suburban Affordable Housing, Inc. (SSAHI) Massachusetts Housing Partnership (MHP) Massachusetts Housing Investment Corporation (MHIC) The U.S. Department of Housing and Urban Development (HUD) Massachusetts Department of Housing and Community Development (DHCD) Tax Credit Exchange Program of the American Recovery and Reinvestment Act (ARRA) The Town of Weymouth Community Economic Development Assistance Corporation (CEDAC) HOME Funders Energy Star for Homes Conservation Services Group (CSG) The Preservation Challenge In 2004, a local nonprofit received a comprehensive permit to construct up to 24 affordable housing units in a three-story building on a heavily wooded site which was the last parcel to be disposed of by a former retail store. Despite support from the Town of Weymouth, the proposed project faced a contentious permitting process that delayed construction for six years. Ultimately all Conservation Commission requirements were met, including construction of a sidewalk along the access road to connect to the existing town sidewalk and measures to deal with storm water volume. By the time all mitigation requirements were met, the financial crisis threatened the project's financing. At that time, the original LIHTC investor, MHIC, along with the original project sponsor, South Suburban Affordable Housing Inc. reached out to POAH to suggest the idea of partnering with the aim of brining POAH’s financial strength to the team. Together, the POAH-SSAHI team was able to secure funding through DHCD for Tax-Credit Exchange Funding from the American Recovery and Reinvestment Act and close on construction financing in October of 2010. Eleven months later, the property was fully occupied after just a one month lease-up period. POAH’s Role In the spring of 2010 when SSAHI and MHIC asked POAH to begin working with them, it was clear to POAH that this was an opportunity to assist a local non-profit in getting across the finish line for a fully-permitted project that had been subject to years of delay from apparent NIMBYism. In this case, POAH was not precisely “preserving” existing affordable housing, but rather “preserving” the opportunity for new affordable housing. With federal and state housing resources, the team was able to close on financing in October 2010 and immediately begin construction. Working with the Conservation Services Group, the construction and design team was able to build a highly efficient building system. With a solar hot-water system for domestic hot water, an insulated slab and highly efficient individual heating and cooling systems, this property provided a blank slate upon which POAH was able to implement many of the latest green technologies which are often precluded by the nature of the rehabilitation work we typically undertake.
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