King's Landing Apartments
King’s Landing, located in Brewster, Massachusetts, is a critical affordable housing asset for the Town of Brewster and greater Cape Cod community. Many towns on the Cape have a very limited amount of affordable rental housing inventory. To preserve King's Landing as an important housing resource, POAH worked with state and local agencies to extend the property’s affordability restrictions which prior to refinancing, were scheduled to expire in 2017.
As part of its refinancing plan, POAH sought and received approval from HUD and the Department of Housing and Community Development (DHCD) for the property’s participation in a funding initiative known as Moving to Work (MTW), which allowed POAH to convert a portion of enhanced vouchers to project based vouchers, including a portion that could be applied for future residents at the site.
POAH first purchased the property with its own capital in order to ensure a future preservation strategy, and mitigation market conversion risk for a valuable affordable housing resource.
POAH completed the renovations at Kings Landing in 2013, utilizing Low Income Housing Tax Credits and tax exempt bond financing. The refinancing included the prepayment of an existing Section 236 mortgage and funded important capital improvements including new windows, fully ADA accessible unit conversions, mechanical system improvements and the installation of a complex waste water treatment plant. POAH also worked with the state’s utility companies in the LEAN rebate program to finance energy efficiency improvements in all buildings including building envelope improvements, high efficiency lighting upgrades and new building insulation.
- Massachusetts Department of Housing and Community Development
- Community Economic Development Assistance Corporation (CEDAC)
- US Department of Housing and Urban Development (HUD)
- National Affordable Housing Trust (NAHT)
- Davis Square Architects
- Delphi Construction Inc
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