Tribune Apartments in Downtown Framingham Sold for $7.8 Million

Boston-based Preservation of Affordable Housing purchased the Tribune Apartments in downtown Framingham for $7.8 million, reported Banker & Tradesman Thursday.

"The town is pleased to learn that POAH (Preservation of Affordable Housing) 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 Preservation of Affordable Housing plans to extend these for a much longer term, reported Banker & Tradesman.

The acquisition was made possible by a $5.3 million loan from the Massachusetts Housing Investment Corp. and a $2.75 million loan from Community Economic Development Assistance Corp.