The Bauer, located in metro Atlanta, is a 192-unit family community built in 1997 utilizing LIHTC. The Bauer’s affordability restrictions will expire in 2027, putting the property at risk of converting to market rate and displacing tenants. Boston Financial’s Preservation Fund partnered with The Hallmark Companies to acquire The Bauer in Q4 2022 and preserve its affordability. Upon acquisition, the Partnership extended the property’s current affordability restrictions and added income and rent restrictions to a portion of the previously unrestricted units. Our Partnership also capped rent increases on existing tenants. The Fund’s equity investment of $13.7 million allowed Hallmark to undertake capital improvements, improving the property for current tenants and for years to come.