Boston-based nonprofit Preservation of Affordable Housing (POAH) has purchased Cromwell Court, a 124-unit affordable garden apartment complex in Hyannis for $6.77 million.
Cromwell Court, which consists of 11 two-and-half story buildings, includes two playgrounds, a basketball court and a community building with community room and management offices. POAH’s acquisition of the property insures that affordability at the property will be preserved in perpetuity, according to a statement. Under the previous ownership structure, the affordability provisions were set to expire in 2016.
"Often the threat of losing affordability covenants arises after it’s too late," said Amy Anthony, president of POAH. "There has been a very significant public investment in creating this housing over the years. POAH’s purchase will preserve the value of those public funds."
POAH will be conducting more than $3.2 million in renovations in the coming months, according to a statement. It will include new roofs, replacement of all substandard kitchens and baths, improved ventilation in apartments and fire safety upgrades.
The acquisition was made possible by the following permanent financing package:
- MassHousing: $6 million
- Massachusetts Housing Investment Corp.: $3.2 million
- Affordable Housing Trust: $2 million
- Capital Improvement and Preservation Fund: $1 million
- Community Preservation Committee: $500,000
- Barnstable County HOME Consortium: $150,000
