Developments > Tribune Apartments
This project involved the rapid acquisition by the sponsor of a 100% affordable rental housing development for the elderly and disabled. Tribune Apartments consists of two adjoining 4-story buildings that were built in 1910 and housed the former Framingham Tribune newspaper. The property was converted to affordable housing for low-income elderly, handicapped and disabled persons in 1982. The sponsor’s acquisition of the property ensures that affordability at the property will be preserved. Under the previous ownership structure, the affordability provisions would expire in 2023, but POAH proposes to extend these for a much longer term. The property includes two community rooms, onsite management, and is about 100 yards from the commuter rail and MetroWest transportation services.
Tribune Apartments
Project at a Glance:
Location:
Framingham
Development Type:
Rental,Senior Housing
Project Type:
Rehabilitation
MHIC Financing:
$6,608,500 in debt financing, $5,710,178 in LIHTC financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
53
Date Completed:
11/22/2017
This project involved the rapid acquisition by the sponsor of a 100% affordable rental housing development for the elderly and disabled. Tribune Apartments consists of two adjoining 4-story buildings that were built in 1910 and housed the former Framingham Tribune newspaper. The property was converted to affordable housing for low-income elderly, handicapped and disabled persons in 1982. The sponsor’s acquisition of the property ensures that affordability at the property will be preserved. Under the previous ownership structure, the affordability provisions would expire in 2023, but POAH proposes to extend these for a much longer term. The property includes two community rooms, onsite management, and is about 100 yards from the commuter rail and MetroWest transportation services.