Development Profiles
Bedford Village
December 06, 2019

In 2019, a ribbon was cut to celebrate the newly refurbished Bedford Village Apartments in the town of Bedford, 20 miles northwest of Boston. It was the culmination of several years of work and a shared spirt of cooperation between many parties, as well as $22.4 million in MassHousing financing.

The 96-unit Bedford Village was built in the 1970s through the 13A state subsidy program, which kept rents affordable for some very low-income residents. However, the affordability requirements were set to expire in 2018. The owner was ready to sell, and a new owner would have been entitled to convert all the apartments to market rents, which could have displaced long-time residents of limited means.

The Town of Bedford signaled its support of the Bedford Village preservation effort by committing $3 million in local Community Preservation funds. POAH (Preservation of Affordable Housing), a national nonprofit developer and property owner, expressed interest in buying Bedford Village, and the seller was enthusiastic about selling to a new owner who was committed to affordable housing.

The MassHousing financing allowed POAH to purchase and update the property, and to buy a smaller Bedford property known as 447 Concord Road Apartments. Additional funding came from federal Low-Income Housing Tax Credits, the Department of Housing and Community Development and the Massachusetts Housing Partnership.

Property improvements included roof and window replacement, new hot water heaters, fire protection upgrades and drainage improvements. Affordability restrictions were extended for all of Bedford Village’s 96 units, and the 43 13A households will remain at the community.

"Bedford Village makes it possible for families like mine and others to get the benefit of a great town like Bedford," said Bedford Village resident Alejandro Diez. "We have been residents for the past five years and we can give testimony to the great results that the renovations brought to our homes and entire community."


Transaction Facts

Developer: Preservation of Affordable Housing (POAH)

Management Company: POAH Communities

Total Loan Amount: $22.4 Million