Cromwell Court Apartments
Cromwell Court is a 124-unit affordable garden apartment complex in Hyannis consisting of 11 two-and-half story buildings built between 1972 and 1974. The property is located near Main Street in Hyannis with easy access to commercial areas, shopping, employment centers and transportation and includes two playgrounds, a basketball court and a community building with community room and management offices.
Under the previous ownership structure, the affordability provisions were set to expire in 2016. POAH’s acquisition of the property in 2011 insured that affordability at the property will be preserved in perpetuity.
The acquisition was made possible by $3.2 million in 4% low income housing tax credit equity from the Massachusetts Housing Investment Corporation and $6 million in tax exempt bond financing from MassHousing.
In addition, the transaction has significant support from a number subordinate funding sources including the Massachusetts Department of Housing and Community Development, the Barnstable County HOME Consortium and the Town of Barnstable’s Community Preservation Committee. POAH initiated $3.2 million in renovations including new roofs, replacement of all substandard kitchens and baths, improved ventilation in apartments, and fire safety upgrades.
- Affordable Housing Trust
- Capital Improvement and Preservation Fund
- Community Preservation Committee
- Barnstable County HOME Consortium
- Massachusetts Housing Investment Corporation (MHIC)