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POAH stepped in to preserve this property's federal affordable housing subsidies.
After acquiring the property in December of 2008, POAH began to address its significant challenges, working collaboratively with a broad range of stakeholders to develop a comprehensive plan that would affect the broader Woodlawn neighborhood.
POAH remains committed to ensuring that the transformation of Woodlawn Center South is fully connected to broader community renewal.
Often the threat of losing affordability covenants arises after it's too late," said Amy Anthony, president of POAH.
About the transaction: POAH is purchasing the property to ensure the property will be preserved as affordable housing when its mortgage matures in 2016.
Other POAH properties preserved under the Prudential line of credit include: Torringford Apartments (79 units in Torrington, CT); Central Annex (102 units in Pittsfield, MA) and Sugar River Mills (162 units in Claremont, New Hampshire).
Anthony, Executive Director of POAH, said the MacArthur investment "will allow us to take major steps to advance our housing preservation objectives.
Stepping in to take over such properties is what we do at POAH.
These are POAH's first apartment investments in Michigan," said Amy Anthony, President of POAH.
The United States Department of Housing and Urban Development (HUD) has designed procedures to assist non-profit organizations, like POAH, in purchasing real estate and performing the rehabilitation required of properties that are 30 years old or more -- as these two properties are.