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Diamonds in the Rough

The best of times and worst of times for preservation deals.

Regarding current opportunities for developers and owners for affordable rental housing preservation transactions, National Housing Trust President Michael Bodaken calls it "kind of the best of times and the worst of times."

Preservation projects entail the rehabilitation, usually with acquisition, of a wide array of multifamily rental properties financed, subsidized, or assisted under various federal or state housing programs. Prime candidates are HUD Section 8, 236, and 202 properties; Rural Housing Service Section 515 projects in rural communities; and older LIHTC properties approaching, at, or past the end of their 15-year compliance period. But there are other types as well - even conventional apartment properties - that can be candidates for deals.

Read the entire TCA article reprint by clicking the link below, which includes a snapshot of Riverside Village in Leominster, Massachusetts, a renovation project that was completed by Retirement Housing Foundation and Schochet Associates in 2011.

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Schochet owns and/or manages over 5,500 apartments and 125,000 square feet of commercial space throughout New England. Headquartered in Braintree, MA, with regional offices in Rhode Island, Connecticut, and Maine.

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