Developments > Dom Narodowy Polski Apartments
This is an elderly housing complex in downtown Chicopee, about 92 miles west of Boston. It is comprised of two 4- and 5-story structures, built in 1930 and renovated in 1982. It was part of a portfolio of projects for which MHIC provided financing to Preservation of Affordable Housing, Inc. (POAH) so that the organization could acquire and preserve the units as affordable. In addition to MHIC’s $1.7 million low-income housing tax credit equity investment to POAH, MHIC provided a $2.5 million acquisition loan in partnership with participating lenders Citizen's Bank and United Commercial Bank. When the project's Section 8 contract expired in 2011, POAH obtained a 20-year extension to ensure that the units remain affordable to lower-income seniors.
Dom Narodowy Polski Apartments
Project at a Glance:
Location:
Chicopee
Development Type:
Rental,Senior Housing
Project Type:
Rehabilitation
MHIC Financing:
$184,056 in debt financing, $1,681,806 in LIHTC financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
50
Date Completed:
6/30/2008
This is an elderly housing complex in downtown Chicopee, about 92 miles west of Boston. It is comprised of two 4- and 5-story structures, built in 1930 and renovated in 1982. It was part of a portfolio of projects for which MHIC provided financing to Preservation of Affordable Housing, Inc. (POAH) so that the organization could acquire and preserve the units as affordable. In addition to MHIC’s $1.7 million low-income housing tax credit equity investment to POAH, MHIC provided a $2.5 million acquisition loan in partnership with participating lenders Citizen's Bank and United Commercial Bank. When the project's Section 8 contract expired in 2011, POAH obtained a 20-year extension to ensure that the units remain affordable to lower-income seniors.