Chestnut Gardens

This 65-unit apartment complex for seniors, consisting of two contiguous five-story buildings, was built in 1895 and expanded and renovated in 1982. Lynn is located about 15 miles north of Boston. Massachusetts Housing Investment Corporation (MHIC) provided a $3.1 million LIHTC investment. In partnership with bank participants Citizen's Bank and United Commercial Bank MHIC also provided a $5.5 million acquisition loan. This financing will enable Preservation of Affordable Housing (POAH) to acquire and preserve this property, which is considered "at risk" (with potential unrestricted market values equal to or greater than its current value as affordable housing). Moderate rehabilitation, such as utility system upgrades, partial roof replacement, window replacements and addition of a computer center and wireless internet in all buildings, is underway. All 65 units are covered by project-based Section 8 contract. POAH has extended the Section 8 contract and will maintain 100% of the units as affordable to households with incomes below 60% of the area median income.