Salem Heights Apartments
Salem Heights was built in the early 1970s 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 283 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.
POAH began renovations in June 2021 to replace the building envelope; add new ventilation/filtration and cooling units in every apartment; convert 15 units to ADA compliant barrier free units; expand the community space, and exterior landscaping improvements to allow for more outdoor amenity space. Learn more about the renovations here
- DHCD (MA Dept. of Housing and Community Development)
- CEDAC (Community Economic Development Assistance Corporation)
- Fannie Mae
- MHP (Massachusetts Housing Partnership)
- Boston Financial
- Rockland Trust
- East Boston Savings Bank
- Eastern Bank