Latest financing preserves housing for next generation of families, elderly and disabled residents
Providence, RI – RIHousing’s Board of Commissioners today approved financing to preserve 128 apartments for South Providence families, elderly and disabled residents.
Oxford Gardens and Oxford Place, two adjacent properties located between Broad Street and Prairie Avenue in lower South Providence, were originally developed by the People’s Redevelopment Corporation (PRC), a community nonprofit. After nearly three decades of ownership, PRC has selected developer Preservation of Affordable Housing (POAH) to carry on their important work and ensure the preservation of the developments. Under the terms of the financing, POAH will combine both properties into one ownership entity and will extend the affordability of the apartments for an additional 40 years.
“POAH is pleased to again partner with Rhode Island Housing to help provide additional affordable housing in the state. We are also pleased to have the opportunity to collaborate with People’s Redevelopment Corporation to build upon their excellent stewardship of Oxford Gardens and Oxford Place and help bring their vision for this property to fruition,” said Aaron Gornstein, President/CEO, Preservation of Affordable Housing.
"As Board President of People’s Redevelopment Corporation, I can say that our Board is pleased and excited to transfer the future stewardship of Oxford Place and Oxford Gardens to POAH, a truly committed, experienced and highly regarded developer with the capacity to renovate and sustain the character and positive impact of the Oxfords for many years into the future. POAH has been a tremendous partner to work with and we thank them for joining forces with our nonprofit, our Oxford residents and our Southside community," said Barbara Krank of PRC.
“RIHousing and POAH have a longstanding partnership, and this transaction – our organizations’ 11th together – marks a milestone. In collaboration, we have preserved more than 1,000 homes. POAH is a nationally recognized leader in housing preservation, and I am proud that they continue to invest in Rhode Island,” said Barbara Fields, Executive Director of RIHousing. “This transaction is particularly meaningful for me because Oxford Gardens was the first development I toured when I began working in Providence more than 25 years ago. It is gratifying to help ensure its continued success.”
Oxford Place and Oxford Gardens were originally constructed in 1978 and 1989, respectively, and utilized financing from RIHousing. Both sites are located within walking distance of public transportation, schools, shops and services.
RIHousing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing uses its resources to provide loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.