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Developments > Fairweather Apartments

Fairweather Apartments

Project at a Glance:
Beverly, Danvers, Peabody, Salem
Development Type:
Rental,Senior Housing
Project Type:
MHIC Financing:
$1,290,858 in debt financing, $10,105,015 in LIHTC financing
Preservation of Affordable Housing
Number of Units:
Date Completed:

This elderly housing project consists of 321 units in four buildings in four different cities north of Boston. The buildings were constructed in 1968 by an affiliate of the Episcopal Church with HUD financing. For this complex, MHIC provided a $10.2 million low-income housing tax credit equity investment and a $17.8 million acquisition loan (in partnership with participating lenders Citizen's Bank and United Commercial Bank) to facilitate the acquisition and preservation of this affordable housing by Preservation of Affordable Housing, Inc. (POAH). This project was part of the portfolio of projects that MHIC financed so that POAH could preserve a total of 688 units of affordable housing. Moderate rehabilitation was required and has been completed. POAH will keep 100% of the units affordable for 99 years to households with incomes below 60% of the area median income.