Developments > Temple Landing
This project involved the acquisition and preservation of a 200-unit affordable rental housing complex by Preservation of Affordable Housing (POAH). Originally developed in 1972 with HUD 236 financing, the property – which was a “super-block” of 20 buildings – had fallen into disrepair and was plagued by criminal activity. In 2007, United Front Development Corporation, the original developer, approached POAH to save the project, which until recently was called “United Front Homes.” At that time, many units were unoccupied because of disrepair, and operating shortfalls and debt put the property at risk of failure.
POAH acquired the property in 2008 and set forth to solve the property’s myriad problems. Through selective demolition and new construction the complex was reconfigured to decrease density and add open space. Existing structures were totally rehabilitated. The City of New Bedford built new streets to create discrete blocks to frame the complex and to connect its residents with the surrounding neighborhood.
The new development has 173 units of housing, open space, a community center and a daycare facility. To say goodbye to its troubled past, it was renamed Temple Landing in honor of a nineteenth century ex-slave and inventor.
The project was financed using multiple funding sources, including federal and state low-income housing tax credits, and a $10 million construction loan (and a $4.6 million backup loan to facilitate the sale of MA state housing credits) provided by MHIC in participation with JP Morgan Chase which also provided a $10 million construction loan.
Temple Landing
Project at a Glance:
Location:
New Bedford
Development Type:
Rental
Project Type:
Rehabilitation/preservation
MHIC Financing:
$10,030,000 in debt financing
Sponsor:
Preservation of Affordable Housing
Number of Units:
173
This project involved the acquisition and preservation of a 200-unit affordable rental housing complex by Preservation of Affordable Housing (POAH). Originally developed in 1972 with HUD 236 financing, the property – which was a “super-block” of 20 buildings – had fallen into disrepair and was plagued by criminal activity. In 2007, United Front Development Corporation, the original developer, approached POAH to save the project, which until recently was called “United Front Homes.” At that time, many units were unoccupied because of disrepair, and operating shortfalls and debt put the property at risk of failure.
POAH acquired the property in 2008 and set forth to solve the property’s myriad problems. Through selective demolition and new construction the complex was reconfigured to decrease density and add open space. Existing structures were totally rehabilitated. The City of New Bedford built new streets to create discrete blocks to frame the complex and to connect its residents with the surrounding neighborhood.
The new development has 173 units of housing, open space, a community center and a daycare facility. To say goodbye to its troubled past, it was renamed Temple Landing in honor of a nineteenth century ex-slave and inventor.
The project was financed using multiple funding sources, including federal and state low-income housing tax credits, and a $10 million construction loan (and a $4.6 million backup loan to facilitate the sale of MA state housing credits) provided by MHIC in participation with JP Morgan Chase which also provided a $10 million construction loan.