Developments > Bridle Path
This apartment complex, built in 1983, provides 104 units of housing for low-income elderly residents (103 affordable). This project was part of a portfolio of projects that Preservation of Affordable Housing, Inc. (POAH) acquired and renovated to preserve the units as affordable. The three, 3-story buildings that comprise the complex are located on a 3.8-acre site in this suburban town, approximately 15 miles south of Boston. In partnership with participating lenders Citizen's Bank and United Commercial Bank, MHIC provided $10.9 million in acquisition financing; MHIC also provided a $5.1 million low-income housing tax credit equity investment. POAH assumed an existing project-based Section 8 subsidy to ensure that all the units remain affordable to low-income residents.
Bridle Path
Project at a Glance:
Location:
Randolph
Development Type:
Rental,Senior Housing
Project Type:
Rehabilitation
MHIC Financing:
$789,961 in debt financing, $5,143,028 in LIHTC financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
104
Date Completed:
11/20/2008
This apartment complex, built in 1983, provides 104 units of housing for low-income elderly residents (103 affordable). This project was part of a portfolio of projects that Preservation of Affordable Housing, Inc. (POAH) acquired and renovated to preserve the units as affordable. The three, 3-story buildings that comprise the complex are located on a 3.8-acre site in this suburban town, approximately 15 miles south of Boston. In partnership with participating lenders Citizen's Bank and United Commercial Bank, MHIC provided $10.9 million in acquisition financing; MHIC also provided a $5.1 million low-income housing tax credit equity investment. POAH assumed an existing project-based Section 8 subsidy to ensure that all the units remain affordable to low-income residents.