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Pocasset Manor

20 Kelley Street
Providence, RI
Deal Type: 
Acquisition/Rehab
Year Built: 
1982
Acquisition Date: 
2006
Last Renovation: 
2007
Number of Units: 
82
Tenancy: 
Senior

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.

 

Project Partners

  • Rhode Island Housing
  • US Department of Housing and Urban Development (HUD)