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Salem Heights Apartments

12 Pope Street
Salem, MA
Deal Type: 
Acquisition/Rehab
Year Built: 
1973
Acquisition Date: 
2003
Last Renovation: 
2003
Number of Units: 
283
Tenancy: 
Senior/Family

Salem Heights was built in the early 1980s as affordable housing under a HUD subsidized loan. In November of 2000, the ownership announced a plan to convert the complex to market-rate rents, a plan that was opposed by the tenants' organization and city officials. At the time, the 238 units represented 15% of the city's total privately-owned affordable housing supply.

POAH collaborated with the interested parties to craft an alternative arrangement which relieved the owner of the property while preserving the units as affordable for 100 years. Eighty percent of the apartments are affordable for families with incomes below 60% of the median income. Ten percent are affordable to residents with incomes below 120% of median and 28 units are market rate apartments.

POAH's financing package included loan funds from the Massachusetts Housing Partnership (MHP) through its Permanent Rental Financing Program as well as the sale of tax-exempt 501(c)(3) bonds issued by MassDevelopment. The refinance also included equity generated through the sale of Low Income Housing Tax Credits and funding from the state's Capital Improvement and Preservation Fund.

 In 2012 POAH installed a solar hot air system. In the winter, air between the plastic panels (outermost skin) and the aluminum wall behind it will be heated by the sun and ducted to the makeup air unit that provides fresh air to the corridors.
 

Project Partners

  • Massachusetts Housing Partnership
  • MassDevelopment