The Preservation Challenge
The four buildings which comprise Hillside Village were tired when POAH purchased them in 2006. Built in 1990 with monies from the Low Income Housing Tax Credit (LIHTC) program, the family rental property located in a solid residential neighborhood just a quarter-mile from the Providence-Johnston border was nearing the expiration of its mortgage as well as its Section 8 rental subsidy contract. Rhode Island Housing, the state's housing finance agency, approached POAH to purchase Hillside Village as well as nearby Pocasset Manor--both held by the same owner--in order to preserve 124 affordable homes.

The two- and three-bedroom units at Hillside Village are generously sized, with unusually ample storage. The property is well-located near King's Park, served by public transportation, and has typically maintained a waiting list of interested applicant families. However, it is on a very constrained physical site at the base of a high rock ledge, which limits open space or even expanded parking, and suffered historically from disrepair and disinvestment.

POAH’s Role
POAH's purchase of Hillside Village was twinned with the acquisition of 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.

As new owner, POAH undertook numerous upgrades to the site, from an exterior facelift which added color and new fencing to interior upgrades to apartments and security and life safety systems. Among the most significant improvements, however, is the enhanced accessibility of the property: a system of new ramps now allows residents or visitors with physical challenges to reach the management office, laundry room and storage area.