Heritage Village Apartments
The Heritage Village complex in North Kingstown has provided affordable housing for low-income families and seniors since it was built in 1980. North Kingstown is a desirable Rhode Island community with a very limited supply of affordable rental homesand there was significant concern about the possible loss of affordability of the 204 homes as the development's mortgage reached maturity.
Heritage Village includes three buildings for seniors and six for families. The sites are separated by a large winding driveway as well as handsomely landscaped grounds. All of the apartments have Section 8 rental assistance which allows each household to predictably pay 30% of its income for rent because the rental subsidies are ‘project-based’ meaning they accompany the property rather than a current resident guaranteeing the subsidy’s availability for future households.
POAH financed the Heritage Village purchase with $15.1 million in tax-exempt financing from Rhode Island Housing and $8 million in syndication proceeds from the sale of Low Income Housing Tax Credits from National Affordable Housing Trust. After the purchase, POAH undertook upgrades and repairs including life safety improvements and new roofs.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)