Acquisition and Renovation
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
Renovating properties threatened with conversion to market rental or luxury housing with new systems and structures.
North Kingstown, RI
The Heritage Village complex in North Kingstown has provided affordable housing for low-income families and seniors since it was built in 1979. North Kingstown is a desirable Rhode Island community with a very limited supply of affordable rental homes and there was significant concern about the possible loss of affordability of the 204 homes as the development's mortgage reached maturity.
Providence, RI
Pocasset Manor is well located in the Olneyville neighborhood of Providence less than two miles from downtown and has always been a highly rentable property.
The senior and disabled residents of Pocasset Manor were facing nearly immediate displacement until POAH purchased this property in 2006; the owner had posted written notice of his intent to 'opt out' of the Section 8 program, and convert the building to market-rate rents.
Providence, RI
This family rental property is located in a solid residential neighborhood just a quarter-mile from the Providence-Johnston border and was nearing the expiration of its mortgage as well as its Section 8 rental subsidy contract when POAH purchased it along with Pocasset Manor. The financing combined mortgage and construction loans from Rhode Island Housing with the proceeds generated from syndication of Low Income Housing Tax Credits.
Narragansett, RI
Fieldstone Apartments was built in 1970 and is located just three tenths of a mile from Point Judith Pond, a four-mile-long salt water pond which opens to Point Judith Harbor and the Atlantic Ocean. With its proximity to the seashore, this site would clearly have appeal to a market-rate developer but POAH was able to work with the town and state housing agency to preserve this family housing in 2007.
Providence, RI
Grace Apartments is a 102 unit, 99% Section 8 senior apartment property located in downtown Providence. Its prime location just off I-95 and on the edge of the city’s booming “Downcity” district made it a potential market-rate conversion candidate, but a faith-based seller selected POAH to purchase the property based on its strong preservation track record.
Providence, RI
Hillcrest Village, a 130-unit property in the Manton neighborhood of Providence, is a seven-story building which sits on nearly five wooded acres at the top of Leander Street. Hillcrest was built in 1980 with federal subsidies making it affordable to low-income seniors and disabled residents. However, by 2005, the property was plagued with low occupancy as well as significant disrepair and POAH was able to enter into discussions with the owner and Rhode Island Housing to purchase and stabilize the property.
Springfield, MO
Glenwood Manor is one of two Springfield properties which POAH acquired in its 2001 Missouri portfolio purchase. Springfield, located in the southwest corner of the state, about three hours south of Kansas City, is one of 10 cities represented in the fourteen property portfolio which POAH bought to preserve their affordability. The 8-acre Glenwood Manor site is well situated near a major city road and shopping area, but sits unobtrusively in a residential neighborhood.
Springfield, MO
Country Club Village, consisting of two adjacent properties built in separate phases, is one of 14 Missouri properties POAH purchased in 2001. Country Club Village is located in Springfield, a city of 152,000 located in the southwestern corner of the state.
In order to preserve Country Club Village and the balance of the Missouri portfolio, POAH collaborated with the Missouri Housing Development Commission and others to craft a workable purchase plan. The financing package included loans as well as equity proceeds from the sale of Low Income Housing Tax Credits (LIHTCs).
Kansas City, MO
Woodlen Place is located in the southeastern section of Kansas City called Indian Village. The attractive townhouses of Woodlen Place, set on a grassy 11-acre site, are virtually indistinguishable from the several nearby garden-style apartment complexes. This invisibility, however, made Woodlen Place a likely candidate for conversion to market rate housing as its affordability restrictions neared expiration.
Carthage, MO
Located in Carthage, a city in Missouri's southwest corner very near the Kansas and Oklahoma borders, Deerfield Village Apartments is a 60-unit 100% Section 8 family property consisting of 10 one-bedroom, 34 two-bedroom, and 16 three-bedroom apartments. The ten apartment buildings are situated on 7.2 acres of land along with a community building and playground and represent one-third of the affordable family housing available to the approximately 15,000 residents of that city.