Beachwood Apartments, built in 1979 as affordable housing for low-income seniors, is located across from a charming town center in Narragansett. Given its desirable location and the size of the parcel, local and state leaders were concerned with the property’s potential conversion to luxury housing as it had reached mortgage maturity and expiration of its affordability restrictions.
In 2004, POAH purchased Beachwood Apartments using a mortgage from Rhode Island Housing and proceeds from the sale of low-income housing tax credits and obtained a 20- year Section 8 rental subsidy contract under HUD’s non-profit transfer program. POAH also dedicated funds to update kitchens and baths, replace all windows and sliding doors with energy-efficient models, and paved and re-graded walkways and ramps to meet building codes for handicapped accessibility. Through this acquisition, POAH ensured that Narragansett seniors will retain their homes through a publicly-funded asset that will remain available well into the future.
- Rhode Island Housing
- Town of Narragansett
- National Equity Fund (NEF)
- US Department of Housing and Urban Development (HUD)