Strategy 5 LLC prepared a financial feasibility analysis for a proposed affordable housing project in the Town of Andover, sponsored by the Andover Community Trust (ACT). The project concept included a mix of rental and for-sale units, coupled with some senior units. The analysis included a 10-year cash flow pro forma, estimates of supportable debt and equity, and gap financing required to make development of affordable housing feasible.
As part of the research conducted for the assignment, Strategy 5 Principal Ernest E. Bleinberger reviewed up-to-date national studies on the growing need for affordable housing, the supply deficit, and programs and measures available to help close this gap. Up-to-date information and data available for Massachusetts was also reviewed and incorporated into the analysis.
This existing multi-family complex of affordable housing in Andover, developed with the assistance of the Andover Community Trust, displays the aesthetic potential of such residential opportunities. Architecturally, they need not differ substantially from market rate apartments or condominiums. The project that was subject of the financial analysis summarized above remains in the development planning phase.