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Developments > Chestnut Gardens

Chestnut Gardens

Project at a Glance:
Development Type:
Rental,Senior Housing
Project Type:
MHIC Financing:
$762,196 in debt financing, $3,403,229 in LIHTC financing
Preservation of Affordable Housing
Number of Units:
Date Completed:

This 65-unit elderly apartment complex, consisting of two contiguous 5-story buildings, was built in 1895 and expanded and renovated in 1982. This project was also one of a portfolio of projects for which MHIC provided financing to Preservation of Affordable Housing, Inc. (POAH), enabling POAH to acquire and preserve the units as affordable. In addition to MHIC’s $3.1 million low-income housing tax credit investment, MHIC provided a $5.5 million acquisition loan in partnership with bank participants Citizen's Bank and United Commercial Bank. The buildings all required moderate rehabilitation, and addition of a computer center and wireless internet in all buildings. All 65 units are covered by project-based Section 8 contract. POAH assumed the Section 8 contract and will maintain 100% of the units as affordable to households with incomes below 60% of the area median income.