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Fairweather Apartments

This housing project for seniors consists of 321 units in four buildings in four cities north of Boston. The buildings were constructed in 1968 by an affiliate of the Episcopal Church with HUD financing. The project is considered "at risk." Massachusetts Housing Investment Corporation (MHIC) provided Preservation of Affordable Housing (POAH) with a $10.2 million Low-Income Housing Tax Credit investment and a $17.8 million acquisition loan (which was done in partnership with participating lenders Citizen's Bank and United Commercial Bank), to facilitate POAH's acquisition and preservation of this housing. Moderate rehabilitation, such as utility system upgrades, kitchen/bath improvements, window replacement, and addition of a computer center and wireless internet in all buildings, is underway. POAH will keep 100% of the units affordable for 99 years to households with incomes below 60 percent of the area median income.