A New Model Deal “˜Old Law’ Section 202 Preserved Creatively

By Caitlin Jones
April 11, 2011 1 min read

Tax Credit Advisor, April 2011: The oldest HUD Section 202 project in New England is being renovated and recapitalized in a creative $17 million joint venture tax credit transaction of many “firsts” that may be a model for preserving other “old law” 202 developments.

Local developer Marc Slotnick is partnering with nonprofit Beth Israel Senior Citizens Housing, Inc. to redevelop the 81-unit Salem Towers affordable apartment tower for seniors in this close-in Boston suburb of 58,000. The nonprofit, started by a nearby Jewish synagogue, built Salem Towers in 1964 and has managed it since. But by recent years, the property was in dire need of modernization, supportive services, and extra dollars to enable its senior residents to comfortably age in place and continue to enjoy affordable rents.

Leveraging NMTC and GGRF

A Synergistic Approach to Community Development

Jennifer Kirkley & Regan St. Pierre • September 13, 2024 6 min read

Increasingly, climate solutions are central to preserving and creating wealth and well-being in communities across the country.

What Can Be Done About Insurance?

NH&RA Panelists Explore Ways to Rein in High Insurance Costs for Affordable Housing

Pamela Martineau • September 1, 2024 6 min read

Meet with your underwriter in person, provide as much data as possible on relevant inspections and offer photos of improvements you’ve made to affordable housing properties. These were just a few of the tips offered at the National Housing & Rehabilitation Association’s Summer Institute Panel: “What Can Be Done About Insurance?”

Rainbow Housing: Transforming Resident Services from Within

Abram Mamet • September 1, 2024 9 min read

For most organizations, radical shifts in market strategy and company makeup generally come after crises. For Rainbow Housing Assistance Corporation (Rainbow), that radical shift came not as a result of significant challenges, but as a way to leverage successful internal practices to better serve the affordable housing industry.