Boston Area Affordable Apartment Management Company Spotlight: The Schochet Companies
Dedication and tradition are the values that define The Schochet Companies.
Retirement Housing Foundation and Schochet Associates, Inc. today announced that they have completed the $39 million acquisition of 373 apartments located in Hartford, CT. The project, originally constructed in the early 1900s as the House of the Good Shepherd, was painstakingly rehabilitated and converted to affordable apartments for seniors in 1980.
Last September and October, housing officials sat across a table from the owners of Starrett City, the nation's largest privately owned affordable housing complex, located in Brooklyn, N.Y. Armed with a stack of market studies and financial statements, officials argued Starrett City would provide the owners a stronger and more predictable return if kept affordable than if Starrett City Association attempted to remove the property's income restrictions.
MassHousing, the state's affordable housing bank, today announced that it has made a $7.065 million loan commitment to preserve affordable housing for low-income and disabled households at the 134-unit Binnall House Apartments in Gardner.
MassHousing, the state's affordable housing bank, today announced that it has committed $11.1 million to preserve 120 units of affordable elderly housing at King James Court Apartments and 114 affordable units at Pine Crest Apartments, two rental developments in Orange. Without these financing commitments from MassHousing, King James Court Apartments and Pine Crest Apartments were likely to convert to market rate.