Dom Narodowy Polski ApartmentsThis project involves the acquisition and
rehabilitation
of a 50-unit senior housing complex in downtown Chicopee, a city
located about 92 miles west of Boston. It is comprised of two, 4 and
5-story structures, built in 1930 and renovated in 1982. Massachusetts
Housing Investment Corporation (MHIC) provided a $1.7 million
Low-Income Housing Tax Credit
equity investment to Preservation of Affordable Housing (POAH). In
partnership with participating lenders Citizen's Bank and United
Commercial Bank, MHIC also provided a $2.5 million acquisition loan.
Modest renovations, such as replacement of boilers and hot water
heaters with energy efficient models, upgrades of kitchens/baths,
window replacements, partial roof replacement, etc. are underway. When
this project's
Section 8
contract expires in 2011, POAH will assume a 20-year extension to
ensure that the units remain affordable to low-income seniors.
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