The Blackstone Apartments
The Blackstone Apartments is one of the six Massachusetts properties acquired by POAH from State Street Development in the summer of 2012. The property houses seniors and people with disabilities, most of whom receive Section 8 rental assistance and have an income level of no more than 50% of the average median income.
Blackstone’s central location in the City of Boston and its proximity to Massachusetts General Hospital made it a prime candidate for market rate conversion in 2018, the year its HAP contract was scheduled to expire. With the strong support of POAH’s financial partners, the team was able to complete a complex acquisition and subsequent renovations inside a tight six-month timeframe in order to deliver 2013 tax credits. The acquisition also required POAH to renew and negotiate the terms of the property’s 121a tax agreement with the city of Boston.
As it often does with its acquisitions, POAH made investments in energy efficient installations and renovations as part of its commitment to stewardship of the environment and reduction of energy consumption. All new windows were installed as well as a new building skin, replacing the old EFIS system with a highly efficient insulated metal panel system. POAH also reconfigured the first floor including a spacious and well appointment community room, making it more conducive to resident activities.
- Alliant Capital, LTD
- Massachusetts Department of Housing and Community Development
- Community Economic Development Association Corporation
- AFL-CIO Housing Investment Trust
- City of Boston
- CEDAC (Community Economic Development Assistance Corporation)
- Massachusetts Housing Investment Corporation (MHIC)
Awards and Accolades
- Readers Choice Best Development in Nation (Boston/Cape Cod/Hudson portfolio), Affordable Housing Finance Magazine
- Honorable Mention, Charles L. Edson Tax Credit Excellence Awards