POAH - Preservation of Affordable Housing

The Preservation Challenge
The seacoast New Hampshire town of Dover is a highly desirable community. Its median income ranks near the median for the state, and it generally has less than a 2% vacancy rate in its rental housing citywide.

Cocheco Park Apartments are set beautifully along the Cocheco River, which is a central feature of downtown Dover. The 102 apartments represent two-thirds of the city's subsidized affordable stock, and preserving them as homes for low-income seniors was a concern for city leaders as well as the state housing finance agency.

POAH’s Role
The POAH team worked with the New Hampshire Housing Finance Agency to craft a purchase plan which ensured that the current Cocheco Park residents could remain in their homes. The majority of the units have rents underwritten by Section 8 subsidies; the balance are set aside for moderate-income households.

Cocheco Park's financing package included a new mortgage from New Hampshire Housing and equity from the syndication of Low Income Housing Tax Credits. Since purchasing the property, POAH has made upgrades to the electrical and life safety systems as well as other cosmetic improvements to units and common areas.

40 Chestnut Street Dover, NH 03820 Cocheco Park Apartments are set along the Cocheco River in Dover, a highly desirable New Hampshire seacoast city. POAH's purchase ensures that the 102 apartments for senior households will remain affordable at least through the year 2025.	Project Partners • New Hampshire Housing Finance Agency • US Department of Housing and Urban Development (HUD) The Preservation Challenge The seacoast New Hampshire town of Dover is a highly desirable community. Its median income ranks near the median for the state, and it generally has less than a 2% vacancy rate in its rental housing citywide. Cocheco Park Apartments are set beautifully along the Cocheco River, which is a central feature of downtown Dover. The 102 apartments represent two-thirds of the city's subsidized affordable stock, and preserving them as homes for low-income seniors was a concern for city leaders as well as the state housing finance agency. POAH’s Role The POAH team worked with the New Hampshire Housing Finance Agency to craft a purchase plan which ensured that the current Cocheco Park residents could remain in their homes. The majority of the units have rents underwritten by Section 8 subsidies; the balance are set aside for moderate-income households. Cocheco Park's financing package included a new mortgage from New Hampshire Housing and equity from the syndication of Low Income Housing Tax Credits. Since purchasing the property, POAH has made upgrades to the electrical and life safety systems as well as other cosmetic improvements to units and common areas.
© Preservation of Affordable Housing