Central Annex/Union Court
The Central Annex and Union Court buildings, originally built as a high school and a hotel respectively, were combined to create 101 subsidized housing units for families, elderly and disabled residents in 1980. The two sites are located a half mile from each other within walking distance to downtown Pittsfield, shopping, city offices and other amenities.
The opportunity to purchase this property came unexpectedly, with the death of one of the original partners in the ownership group. A special rule allows the remaining general partners to transfer ownership, but only within a limited time of the partner's death. POAH purchased the property in 2007 to mitigate the future risk of affordability loss, and managed it within its portfolio for several years.
In 2013, POAH undertook a refinancing, working closely with MassHousing to develop a transfer protocol with terms friendly to a non-profit purchaser, while extending the deep affordability at the property for the long-term. All of the units are covered by a project-based Section 8 contract, which POAH worked with HUD to extend for nearly 30 years. POAH's financing package allowed significant and necessary improvements to both properties, including accessibility improvements, a complete domestic water piping replacement, new roofs, common area improvements, a new fully accessible management office and notably, a glass skylight system to help protect the courtyard at Central Annex.
Watch the video of Union Court business owner Shavelle
- Prudential Social Investment Fund
- Massachusetts Housing Investment Corporation (MHIC)