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South Winds Apartments

29 South Pier Road
Narragansett, RI
Deal Type: 
Acquisition/Rehab
Year Built: 
1977
Acquisition Date: 
2004
Last Renovation: 
2004
Number of Units: 
48
Tenancy: 
Senior

South Winds was POAH's first transaction anywhere in Rhode Island. The attractively landscaped site, just two blocks from the beautiful and busy Narragansett beaches, includes three two-story buildings with several picnic areas and gazebos at two corners.  South Winds Apartments is such a desirable development that it had a nine-year waiting list of low-income seniors seeking to move in.

With very little retrofitting or reconfiguration, the site could have been quickly and easily converted to high-end condominiums at prices completely unaffordable to the present residents when POAH decided to preserve these homes for current and future residents, POAH purchased South Winds in 2004 using a Rhode Island Housing program which requires a deed restriction preserving affordability for at least 40 years. The financing from the state agency included low-interest loans and equity from the syndication of low income housing tax credits (LIHTCs). 
 

Renovations centered on kitchens, baths, roofs and accessible units.

Project Partners

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