PROVIDENCE – U.S. Sen. Sheldon Whitehouse and Mayor David N. Cicilline today joined in announcing a multimillion-dollar initiative that will keep 254 apartments affordable for at least 40 years.
The deal, announced this afternoon at Pocasset Manor, is a collaboration between of Rhode Island Housing, Preservation of Affordable Housing Inc. (POAH) and the U.S. Department of Housing and Urban Development (HUD).
The apartments in question are at Pocasset and two other complexes – Hillside Village and Hillcrest Village – that have been purchased recently by POAH using $36 million in financing and tax credits from Rhode Island Housing.
(A national nonprofit organization that purchases housing to preserve its long-term affordability, POAH already owns 232 housing units in Narragansett and Jamestown.)
Besides committing to keeping the Providence apartments affordable, POAH also has agreed to finance $8.2 million in repairs and renovations at the three complexes.
“Saving these homes is an essential investment in a Providence where everyone can afford a home, now and in the future,” said Amy Anthony, president of POAH.
Pocasset Manor, an 82-unit complex that includes 71 one-bedroom and 11 two-bedroom units, was built in 1982 using HUD Section 8 rental assistance.
Hillcrest, built in 1980 with HUD financing, is a 130-apartment development for elderly and disabled residents. It has 112 one-bedroom and 18 two-bedroom units.
Hillside Village, a 42-unit complex with 24 two-bedroom and 18 three-bedroom units, was constructed in 1990 using HUD low-income housing tax credits and Section 8 rental assistance. POAH began negotiating its purchase after the initial tax-credit compliance period ended in 2005.
“Too many Rhode Islanders still have difficulty finding a home they can afford,” Whitehouse said. But, Cicilline added, “This project will go a long way towards ensuring that hundreds of families have a safe and affordable place to call home.”
“Partnerships like these are critical to providing safe, affordable homes to all Rhode Islanders and to breathing new life into our communities,” said Richard Godfrey, executive director of Rhode Island Housing.
