Developments > Eastgate (Baymeadow) Apartments
Located in the Pine Point neighborhood of Springfield, this 148-unit residential complex housing families and handicapped individuals consists of twelve, 2-story buildings. It was built in 1950 and renovated in 1982 and has since been in use continuously as a Section-8-assisted apartment complex. This project is part of a financing package MHIC provided to Preservation of Affordable Housing, Inc. (POAH). With that financing, POAH was able to acquire and renovate the property and preserve the units as affordable. In addition to providing a $5.2 million low-income housing tax credit equity investment, MHIC, in partnership with participating lenders Citizen's Bank and United Commercial Bank, provided an $8.5 million loan for acquisition. All units will remain affordable to affordable to households with incomes below 60% of the area median income.
Eastgate (Baymeadow) Apartments
Project at a Glance:
Location:
Springfield
Development Type:
Rental
Project Type:
Rehabilitation
MHIC Financing:
$616,928 in debt financing, $5,262,611 in LIHTC financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
148
Date Completed:
8/26/2014
Located in the Pine Point neighborhood of Springfield, this 148-unit residential complex housing families and handicapped individuals consists of twelve, 2-story buildings. It was built in 1950 and renovated in 1982 and has since been in use continuously as a Section-8-assisted apartment complex. This project is part of a financing package MHIC provided to Preservation of Affordable Housing, Inc. (POAH). With that financing, POAH was able to acquire and renovate the property and preserve the units as affordable. In addition to providing a $5.2 million low-income housing tax credit equity investment, MHIC, in partnership with participating lenders Citizen's Bank and United Commercial Bank, provided an $8.5 million loan for acquisition. All units will remain affordable to affordable to households with incomes below 60% of the area median income.