Brandy Hill Apartments
Brandy Hill Apartments are located in Wareham, a southeastern Massachusetts town at the head of Buzzards Bay. The complex is located in a charming natural setting and includes a number of amenities including an outdoor swimming pool, playgrounds and a community building.
The property was originally developed in the early 1970s under the HUD Section 236 program which provides interest rate subsidies in exchange for affordability and was preserved under the Emergency Low Income Housing Preservation Act (ELHIPA) in 1994. The acquisition of Brandy Hill Apartments six years before affordability restrictions expired ensured the property’s affordability. Long-term stability was financed by the assumption of the current MassHousing mortgage, an acquisition mortgage from MassHousing, and subordinate funds from a Prudential line of credit.
In 2016 POAH refinanced and recapitalized the property with a 4% Low Income Housing Tax Credit (LIHTC) which provides $8 million dollars ($62,000 per unit) for substantial renovations including new siding, HVAC systems upgrades, 504/ADA upgrades, unit component upgrades
- Prudential Social Investment Fund
- US Department of Housing and Urban Development (HUD)
- Stratford Capital Group
- Massachusetts Department of Housing and Community Development