NARRAGANSETT – A $9 million renovation was recently completed at Beachwinds Apartments, a 104-unit affordable housing complex consisting of two developments for seniors.
City and state officials were joined on April 18 by Sen. Jack Reed, D-R.I., to celebrate a ribbon cutting for the newly renovated apartments, which are located close to Narragansett Sound and owned by the Boston-based nonprofit Preservation of Affordable Housing.
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“The renovations at Beachwinds bring a long list of improvements to this property,” Reed said.
Construction, which commenced in March 2021, involved new exterior siding, improved insulation, roof fixing and replacement, new windows, new ventilation systems, kitchen improvements, bathroom upgrades, two renovated and expanded community rooms, the conversion of six apartments to units compliant with the Americans With Disabilities Act, renovated common areas and office space, site work to enhance erosion control, parking lot repaving and striping, and walkway repairs.
Many of the renovations were focused on energy efficiency, sustainability and improved ventilation, according to the R.I. Housing Mortgage and Finance Corp., which obtained and distributed the financing for the project after Preservation of Affordable Housing applied through the agency.
“The demand for affordable housing options for seniors is high,” said Carol Ventura, executive director of R.I. Housing. “In Rhode Island, as in much of the country, housing costs are rising, adding to the challenges seniors face when finding housing they can afford and in communities they wish to live. The renovations at Beachwinds Apartments ensure these rental homes remain affordable, safe and healthy for seniors for years to come.”
Reed said the project was made possible through $9 million in federal low-income housing tax credits, which serve as an incentive for private developers and investors to provide more low-income housing by giving investors a dollar-for-dollar reduction in their federal tax liability in exchange for providing financing to develop affordable rental housing. Fannie Mae via Boston Financial Investment Management purchased the tax credits, R.I. Housing said.
The Beachwinds Apartments are composed of two developments, including Beachwood Apartments at 30 Kingstown Road and South Winds Apartments at 29 South Pier St. They comprise four buildings that are rented out to low- and moderate-income seniors, with 94 one-bedroom apartments and 10 two-bedroom apartments.
“We are grateful to R.I. Housing and Boston Financial Investment Management for partnering with us to substantially upgrade these affordable housing properties and to improve the quality of life for our residents who call them home,” said Aaron Gornstein, president of Preservation of Affordable Housing.
The properties were originally constructed in 1977 and were acquired by Preservation of Affordable Housing in 2004, when the nonprofit completed a more-modest $1.56 million renovation project.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
