POAH - Preservation of Affordable Housing

The Preservation Challenge
Johnston, Rhode Island dates is founding to pre-Revolutionary War days, but its modern appeal derives at least in part from its location, at the nexus of Interstate 295 and state Route 6 and right next door to the capital city of Providence. The attractive and well-kept 3+ acre development at Cherry Hill, itself located near the two highways, might have been an appealing candidate for conversion to market-rentals as its owner reached retirement age and sought to sell the property.

In a town where census figures suggest that one in every five residents is over the age of 65, however, the loss of 72 affordable apartments for low-income seniors was of concern. Cherry Hill has had a two-year long waiting list for vacancies. Recognizing the clear demand for these homes, Rhode Island Housing approached POAH to consider purchasing the property in 2005. The two organizations had successfully collaborated in the previous year to preserve more than 100 elder apartments in the seaside Rhode Island town of Narragansett.

POAH’s Role
POAH and Rhode Island Housing crafted a refinancing package which preserved Cherry Hill's affordability for at least 20 years. At the same time, the property's project-based Section 8 rent subsidy contract ensures that residents will only pay 30% of their incomes for monthly rent. As the new owner, POAH has attended to the bottom line operations of the site while ensuring that its 'curb appeal' has not waned.

204 Greenville Avenue Johnston, RI 02919 Cherry Hill Apartments boasts handsomely landscaped grounds and well-tended, affordable apartments for 72 elderly households in Johnston, Rhode Island. The site, near major highways and several shopping districts, could have been appealing for conversion to market rents as its owner sought to sell and retire.	Project Partners • Rhode Island Housing • US Department of Housing and Urban Development (HUD) The Preservation Challenge Johnston, Rhode Island dates is founding to pre-Revolutionary War days, but its modern appeal derives at least in part from its location, at the nexus of Interstate 295 and state Route 6 and right next door to the capital city of Providence. The attractive and well-kept 3+ acre development at Cherry Hill, itself located near the two highways, might have been an appealing candidate for conversion to market-rentals as its owner reached retirement age and sought to sell the property. In a town where census figures suggest that one in every five residents is over the age of 65, however, the loss of 72 affordable apartments for low-income seniors was of concern. Cherry Hill has had a two-year long waiting list for vacancies. Recognizing the clear demand for these homes, Rhode Island Housing approached POAH to consider purchasing the property in 2005. The two organizations had successfully collaborated in the previous year to preserve more than 100 elder apartments in the seaside Rhode Island town of Narragansett. POAH’s Role POAH and Rhode Island Housing crafted a refinancing package which preserved Cherry Hill's affordability for at least 20 years. At the same time, the property's project-based Section 8 rent subsidy contract ensures that residents will only pay 30% of their incomes for monthly rent. As the new owner, POAH has attended to the bottom line operations of the site while ensuring that its 'curb appeal' has not waned.
© Preservation of Affordable Housing