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Housing Authority reports $100M-plus portfolio rehab, preserves nearly 600 affordable units
Summary
Housing Authority of Washington County presented a status update on a multi‑phase preservation effort that rehabilitated 10 properties, preserved 592 regulated units and used 4% low‑income housing tax credits, commercial debt and private activity bonds to complete two financing closings.
The Housing Authority of Washington County updated its board April 1 on a multi‑year, two‑phase renovation that converted 10 authority‑owned properties into two low‑income housing tax credit partnerships and rehabilitated hundreds of apartments.
Executive Director Molly Rogers told the Housing Authority Board of Directors the project addressed ‘‘urgent’’ capital needs in buildings built in the 1960s–1980s and created financial and construction efficiencies by combining sites into larger tax‑credit partnerships. ‘‘Preservation remains a key strategy for the Housing Authority,’’ Rogers said.
Assistant Director Jill Chen said the authority closed Phase 1 in June 2022 and Phase 2 in December 2023 and expected construction completion for Phase 2 in mid‑2025. Chen said total construction costs exceeded $100 million and that the authority…
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