Trinity Towers East
Trinity Towers East, a 14-story 156-unit development was acquired in 2013 from the Holy Trinity Episcopal Church of Melbourne, Florida. Trinity Towers East was built in 1967 under the HUD Section 202 program with a direct loan.
When acquiring the property in 2013, POAH faced the challenge of navigating the distinct rules of the different programs; the transaction benefited, however, from HUD's new rules regarding refinancing and sale of these older Section 202 developments which makes it easier for faith-based owners to transfer properties to non-profits specializing in housing. POAH financed the acquisition with funding from the Low Income Investment Fund. Trinity Towers East is 67% Section 8 designated for seniors over the age of 62.
POAH coordinated the rent review process at HUD, and was able to use the leverage of increased rents to get sufficient proceeds for the prior owner and to undertake some physical repairs with more planned for the future through use of Florida's tax credit program.
- Low-Income Investment Fund (LIIF)
- US Department of Housing and Urban Development (HUD)
- Calvert Foundation
- The Preservation Challenge