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Real Estate Development | Suburban Initiatives | Foreclosure Prevention & Homeownership | Counseling | Rental Properties
| Senior Homeowner Services
NOAH's Board, under the development subsidiary of Peace Properties, made the strategic decision in 2001 to extend services into Greater Boston suburbs, east of Springfield, MA, for the purpose of developing affordable housing in communities that did not have a local non-profit or the development capacity to manage complex rental or ownership projects. Multiple studies verified that many young, innovative workers were leaving Massachusetts communities for less expensive states, and the lack of reasonably priced housing was cited as one of the major factors. In fact, the future stability of the State's economy is threatened by excessively high housing prices. Despite the economic downturn of recent years, police, firemen, public workers, teachers and many others still find it hard to live in the towns where they work. For those of very low-to moderate-incomes, it has proven to be even more challenging to remain in their hometowns or to find work without moving to a more affordable environment.
 In 2004, the organization purchased properties in two suburban locations; one preserved four units for the homeless, the other assisted another fledging non-profit purchase six units of affordable rental housing. Over the last four years, NOAH has been working on four affordable housing projects in suburban communities including Carlisle, Holliston, North Andover and Webster. Together, these developments will create 166 affordable rental units for families and seniors. Cutler Heights in Holliston is completed and actively leasing units. Stevens Corner in North Andover is under construction and due to be completed in November 2011. We are currently accepting applications for occupancy through our suburban property management company, Corcoran Management. Carlisle and Webster await soon-to-be-made State funding decisions. Unrestricted funds/fees from these projects are important as they help underwrite other NOAH programs and services. For more information please check-out our website at www.stevenscornerapts.com.
We continue to seek new projects in targeted communities that have not reached their State-mandated 10% goal of subsidized housing, which can be supported through local contributions of Community Preservation Act, HOME and CDBG dollars, and that have a political commitment to support rental housing in their communities. For example, we have initiated work in older 'Gateway' towns such as Everett, Haverhill, and Lynn as we actively continue to work with our strong professional partners or create collaborations to generate value in the marketplace. For more information, please contact NOAH's Director of Real Estate, Toby Kramer, at tkramer@noahcdc.org. |
