The Blackstone Apartments
The Blackstone Apartments is one of the six Massachusetts properties acquired by POAH in a single portfolio in the summer of 2012. The property houses seniors and people with disabilities, most of whom receive Section 8 rental assistance and have an income level of no more than 50% of the average median income.
Blackstone’s central location in the City of Boston and its proximity to Massachusetts General Hospital made it a prime candidate for market rate conversion in 2018, the year its HAP contract was scheduled to expire. With the strong support of POAH’s financial partners, the team was able to complete a complex acquisition and subsequent renovations inside a tight six-month timeframe in order to deliver 2013 tax credits. The acquisition also required POAH to renew and negotiate the terms of the property’s 121a tax agreement with the city of Boston.
POAH made investments in energy efficient installations and renovations as part of its commitment to stewardship of the environment and reduction of energy consumption. POAH also reconfigured the first floor including a spacious and well-appointed community room, a computer room and a space in which residents can participate in the Connect to Wellness program through Massachusetts General Hospital and Boston Senior Home Care that provides appointments with a senior nurse, geriatric social worker and wellness nurse.
Watch: The Blackstone in Boston, MA
- Alliant Capital, LTD
- Massachusetts Department of Housing and Community Development
- Community Economic Development Association Corporation
- AFL-CIO Housing Investment Trust
- City of Boston
- CEDAC (Community Economic Development Assistance Corporation)
- Massachusetts Housing Investment Corporation (MHIC)
Awards and Accolades
- Readers Choice Best Development in Nation (Boston/Cape Cod/Hudson portfolio), Affordable Housing Finance Magazine
- Honorable Mention, Charles L. Edson Tax Credit Excellence Awards