Bridle Path Apartments
Bridle Path Apartments comprises three handsome, wood-frame, brick-faced buildings in the Boston suburb of Randolph, MA.
Bridle Path is governed by local zoning covenants which protect it as housing for the elderly in perpetuity. However, at the time of POAH’s acquisition, its long-term affordability could have been jeopardized as its mortgage reached expiration, which would have eliminated the regulatory restrictions on its allowable rents.
POAH combined new mortgages from MassHousing and equity proceeds from syndication of low income housing tax credits by Massachusetts Housing Investment Corporation (MHIC) to finance Bridle Path.
With these additional funds, POAH undertook moderate renovations to the apartments, including new energy-efficient windows, elevator upgrades, some enhancement of handicapped accessibility and a new 1,000 s.f. community room.
Bridle Path also received a major energy saving opportunity with the installation a 38.88 kW photo-voltaic solar collection system which is paying back its installation costs in four years.
- Massachusetts Housing Investment Corporation (MHIC)