Aaron Briggs Manor
Aaron Briggs Manor is an 88-unit senior housing property located in the West End of Providence, Rhode Island at the edge of the Federal Hill neighborhood. It is a valuable affordable housing resource for the City’s elderly population that was at risk of losing its affordability in 2015. At that time, POAH secured the bridge financing necessary to purchase it and pursue a long term refinancing execution.
POAH collaborated with Rhode Island Housing and the National Affordable Housing Trust to put together a financing package which included tax-exempt bonds, federal low-income tax credit equity, and RI Housing Preservation and Production funds. Additionally, the City of Providence approved a tax reduction which has provided critical operational stability to the property.
POAH completed a $3.06M, tax credit-financed rehabilitation in November, 2016. The improvements included new siding and insulation, elevator upgrades, new windows, an upgraded fire protection system, energy efficiency upgrades, landscape improvements, new common area flooring, and select individual apartment upgrades.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- National Affordable Housing Trust (NAHT)