POAH - Preservation of Affordable Housing

The Preservation Challenge
The attractive townhouses of Woodlen Place, set on a grassy 11-acre site, are virtually indistinguishable from the several nearby garden-style apartment complexes. This invisibility, however, made Woodlen Place a likely candidate for conversion to market rate housing as its affordability restrictions neared expiration.

Woodlen Place is located in the southeastern section of Kansas City called Indian Village. Built in 1981, it includes 16 two-story townhouse style buildings, most with four units. The property has a two-year waiting list; it is desirable housing not only because it is attractive, but because it is within walking distance of supermarkets and other services, and is served by reliable, frequent public transportation. About half of the property's residents are children; many attend the new middle school nearby.

POAH’s Role
POAH purchased Woodlen Place in 2004, ensuring its affordability for at least 15 years. It is POAH's most recent Missouri transaction; the organization's portfolio includes 14 other properties around the state.

The financing to preserve Woodlen Place came from the Missouri Housing Development Commission and HUD, and included tax exempt bonds, low interest loans and syndication proceeds from the sale of Low Income Housing Tax Credits (LIHTCs). The funding was sufficient to allow attention to capital items which can help control operating costs, including replacement of all windows, new siding for each building and upgrades to the heating and cooling systems.

1315 E. 89th Street Kansas City, MO 64131 The curb appeal of Woodlen Place, and the ease with which it blends into its neighborhood, made it vulnerable to conversion to a market-rate site when its affordability restrictions expired. POAH 's purchase has preserved Woodlen Place as affordable family housing for at least fifteen years.	Project Partners • Missouri Housing Development Commission • US Department of Housing and Urban Development (HUD) The Preservation Challenge The attractive townhouses of Woodlen Place, set on a grassy 11-acre site, are virtually indistinguishable from the several nearby garden-style apartment complexes. This invisibility, however, made Woodlen Place a likely candidate for conversion to market rate housing as its affordability restrictions neared expiration. Woodlen Place is located in the southeastern section of Kansas City called Indian Village. Built in 1981, it includes 16 two-story townhouse style buildings, most with four units. The property has a two-year waiting list; it is desirable housing not only because it is attractive, but because it is within walking distance of supermarkets and other services, and is served by reliable, frequent public transportation. About half of the property's residents are children; many attend the new middle school nearby. POAH’s Role POAH purchased Woodlen Place in 2004, ensuring its affordability for at least 15 years. It is POAH's most recent Missouri transaction; the organization's portfolio includes 14 other properties around the state. The financing to preserve Woodlen Place came from the Missouri Housing Development Commission and HUD, and included tax exempt bonds, low interest loans and syndication proceeds from the sale of Low Income Housing Tax Credits (LIHTCs). The funding was sufficient to allow attention to capital items which can help control operating costs, including replacement of all windows, new siding for each building and upgrades to the heating and cooling systems.
© Preservation of Affordable Housing