Cherry Hill Apartments
The attractive and well-kept 3+ acre development at Cherry Hill is located near the two highways and might have been an appealing candidate for conversion to market-rentals as its owner reached retirement age and sought to sell the property back in late 2004.
In 2005 when POAH first purchased the property, 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 continue to spend only 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. However, it was necessary to prolong the physical health of the property and enable it to continue to house the elders of the community for another 30 years so the POAH team worked hard to find a financing solution. In February 2016, POAH closed on a 4% LIHTC transaction with tax-exempt bond financing from Rhode Island Housing. It also received an award of Housing Preservation and Production Program Funds.
The $2.9 rehabilitation slated for 2016 will include new roofs, new siding and insulation, new energy efficient windows, hot water heater and boiler replacements, landscape improvements and select unit upgrades to meet ADA requirements. The improvements will shore up the property for the long term, contributing to the overall health and happiness of its residents.
Services: POAH has also collaborated with the Elizabeth Free Center, Brien Center, and more to implement resident services programs.
Energy: Cherry Hill received numerous efficiency improvements courtesy of the Weatherization Assistance Program (WAP) and National Grid’s EnergyWise program. These have helped reduce utility consumption and improve resident comfort.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- National Affordable Housing Trust (NAHT)