Aaron Briggs Manor
Aaron Briggs Manor is an 88-unit senior housing development in Providence, Rhode Island. The property is located in the city’s West End, at the edge of the Federal Hill neighborhood.
In order to preserve affordability at Aaron Briggs, POAH collaborated with Rhode Island Housing and the National Affordable Housing Trust. The financing package included tax exempt bonds, low income tax credits, and Housing Preservation and Production funds, as well as a partial real estate tax abatement from the City of Providence which will provide critical operational stability. Additionally, POAH worked with Rhode Island Housing and HUD to obtain a renewal of the property’s Section 8 subsidy at market-comparable rents, ensuring continued affordability and further strengthening the project’s underwriting.
Recognizing the property as an important community housing resource and a preservation risk, POAH secured bridge financing in April 2015 from Rhode Island Housing and the Local Initiatives Support Corporation in order to enable an expedited purchase while the longer-term tax credit refinancing execution was being prepared. POAH has utilized this aggressive “buy/hold/refinance” strategy on several projects for which a speedy acquisition was a priority.
POAH closed on the tax credit transaction in February 2016. As part of the transaction, the property will undergo a $2.8 million rehabilitation which will include elevator upgrades, new windows, new wood siding and insulation, an upgraded fire protection system, landscape improvements, new common area flooring and select unit upgrades to meet ADA requirements. As part of POAH’s commitment to energy efficiency, common area and in-unit lighting fixtures have been replaced – saving over 50,000 kWh per year. Air sealing and new insulation was also completed to improve the building envelope and reduce heating and cooling energy use. These measures were undertaken as part of National Grid’s EnergyWise Program. Taken together, these improvements will result in property that is more comfortable, more secure, and greener.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- National Affordable Housing Trust (NAHT)