Pocasset Manor is well located in the Olneyville neighborhood of Providence less than two miles from downtown and has always been a highly rentable property.
The senior and disabled residents of Pocasset Manor were facing nearly immediate displacement until POAH purchased this property in 2006; the owner had posted written notice of his intent to 'opt out' of the Section 8 program, and convert the building to market-rate rents.
Working with Rhode Island Housing and the local HUD office, POAH developed a plan to purchase and preserve Pocasset Manor and two nearby properties, Hillcrest Village and Hillside Village.
The financing for Pocasset Manor included loan and tax-exempt bond funds from RI Housing as well as equity generated through the sale of Low Income Housing Tax Credits (LIHTC).
The 11-story building was significantly renovated with the installation of new insulated metal panel siding, windows, kitchens, baths, fire safety system upgrades, and a facelift for the public areas of the building including the creation of an attractive and welcoming pergola and sitting area at the front entrance.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)