Saving Tribune Apartments as affordable rental housing for elderly, handicapped, and disabled households was important to the Town of Framingham, a community in the Metro West area of Greater Boston.
The development is located in South Framingham only one block from Town Hall. The four-story, co-joined buildings have been well maintained. Amenities are extensive for a 53-unit development and include two community rooms, recently renovated common areas, and nine-foot ceilings in the living spaces of the apartments.
Through quick-closing loan programs developed by MHIC and CEDAC, POAH was able to make a competitive offer that met the seller’s required timeframe. POAH closed on the transaction within 90 days of execution of the purchase & sale agreement. The ability to close the transaction quickly to help the seller meet a financing obligation was a critical component of our successful preservation of this affordable housing community.
Renovations include replacement of the roof, modernized HVAC systems, door and windows upgrades, and more.
- Massachusetts Housing Investment Corporation (MHIC)
- Community Economic Development Assistance Corporation (CEDAC)
- Massachusetts Department of Housing and Community Development