The historic Chestnut Gardens Apartments are located near downtown Lynn, a small city just north of Boston. The 65 units at Chestnut Gardens represented 5% of Lynn's privately-owned subsidized rental housing when POAH acquired the property.
This property was purchased by POAH in 2007 as part of a large seven-property portfolio acquisition in Massachusetts and New Hampshire. To effectuate the transfer and maximize proceeds available for rehab, the POAH team purchased Chestnut Gardens under HUD’s “non-profit transfer program”, which also authorized a 20-year renewal of the property’s Section 8 rental subsidies at market-rate rents.
Consisting of two fairly old buildings, POAH's renovations focused on increasing the property's energy efficiency as well as ensuring the property’s physical health until the next capital event. This included upgraded mechanical systems--a new boiler, hot water heater and roof-mounted ventilation equipment. New LED lighting installed throughout the building in early 2014 reduced electric consumption at the site by 26%. The exterior envelope of both buildings was restored to eliminate penetration of water and cold air, and the attics of both buildings were insulated, as well.
- Massachusetts Housing Investment Corporation (MHIC)