Preservation of Affordable Housing and National Affordable Housing Trust close on $32.5M of Equity for Whittier at Cabot
Columbus, OH. Friday, June 15, 2018. National Affordable Housing Trust (NAHT) is proud to announce the closings of two LIHTC developments known as Whittier at Cabot in the Roxbury neighborhood of Boston, Massachusetts. Whittier at Cabot involves the twinning of 9% and 4% LIHTC, as well as a RAD conversion. NAHT closed on the property in partnership with Preservation of Affordable Housing (POAH) and with an investment from Citizens Bank.
“NAHT is proud to partner with POAH and Citizens Bank to provide significant dollars from the Low Income Housing Tax Credits for the re-envisioned Whittier project,” stated Lori Little, NAHT President and CEO. “We know that this redevelopment will benefit those living in these homes and in the surrounding community. POAH is experienced with redeveloping communities and will bring this talent to the Whitter neighborhood,” she continued.
The Whittier at Cabot development consists of the new construction of 34-units in a 9% LIHTC transaction and 58-units in a 4% LIHTC bond transaction containing one-, two-, three-, and four-bedroom units. The mixed income development includes subsidized and unsubsidized LIHTC, workforce, and market rate units. These communities are part of Boston Housing Authority’s RAD conversion of the former 200-unit Whittier Street Apartments public housing. Residents of the former public housing units have the right to return under the RAD policy. The Whittier redevelopment will be housed in three buildings – a midrise and two adjacent townhouse buildings. The plans provide for green space and a children’s play area. Additional future phases are planned to fully redevelop and preserve the 200 public housing units as well as create additional housing in the neighborhood.
“By providing construction and equity financing for affordable housing developments such as Whittier at Cabot, Citizens Bank helps strengthen our communities,” said Jerry Sargent, president of Citizens Bank, Massachusetts. “This partnership with POAH and NAHT will help longtime residents reach their potential by providing modern, affordable housing that will help revitalize the neighborhood.”
POAH’s mission is to preserve, create and sustain affordable, healthy homes that support economic security and access to opportunity for all. Since 2001, the POAH team has advanced its mission with a blend of expertise and creativity, solving complex problems that others have seen as insurmountable. This dedication has resulted in the preservation and creation of over 10,000 rental apartments with long-term affordability commitments.
“The Whittier Choice revitalization – with the support of key partners like NAHT - will create a vibrant mixed-income/mixed-use community that is connected to the larger neighborhood and preserves its legacy,” stated POAH President and CEO Aaron Gornstein. “The redevelopment will create new affordable housing, safe streets and access to quality educational and job opportunities that promote family self-sufficiency.”
More information on Whittier at Cabot can be found by visiting www.whittierchoice.org
For media inquiries, contact: Heather Holland, [email protected] (614)917-2864