Boston-based Preservation of Affordable Housing (POAH) has purchased the Tribune Apartments in Framingham for $7.8 million.

"The town is pleased to learn that POAH has acquired this property and is now one of the many new exciting stakeholders associated with the momentum to revitalize the downtown," Framingham Town Manager Robert Halpin said in a statement.

The 53-unit affordable apartment complex consists of two adjoining four-story buildings that were built in 1910 and housed the former Framingham Tribune newspaper. The property was converted to affordable housing for low-income elderly, handicapped and disabled persons in 1982. Under the previous ownership structure, the affordability provisions would expire in 2023, but POAH plans to extend these for a much longer term.

POAH closed on the acquisition within 90 days to allow the property’s seller to exit ahead of a deadline imposed by the property’s existing financing, and will now proceed to structure the property’s long-term permanent financing.  The quick acquisition was made possible by a $5.3 million loan from the Massachusetts Housing Investment Corp. (MHIC) and a $2.75 million loan from Community Economic Development Assistance Corp. (CEDAC). 

HUD has approved the transfer of $800,000 of "residual receipts" to support the subsidy assistance the property receives. POAH will seek to quickly secure permanent financing, including Low Income Housing Tax Credit equity, for this development as part of its long-term strategy to complete significant upgrades at Tribune Apartments.