Cherry Hill Apartments
The attractive and well-kept 3+ acre development, Cherry Hill, might have been an appealing candidate for conversion to market-rentals in late 2004, but POAH and Rhode Island Housing crafted a refinancing package which preserved Cherry Hill’s affordability for at least 20 years. The property’s project-based Section 8 rent subsidy contract ensures that residents will continue to spend only 30% of their incomes for monthly rent.
During its first several years as owner, POAH attended to the bottom line operations of the site while ensuring that its ‘curb appeal’ was maintained. The POAH team worked hard to find a long-term financing solution to prolong the physical health of the property and enable it to continue to house seniors for another 30 years. In February 2016, POAH closed on a 4% LIHTC transaction with tax-exempt bond financing from Rhode Island Housing and was able to access Housing Preservation and Production Program Funds.
The $2.9M rehabilitation included new roofs, new siding and insulation, new energy efficient windows, hot water heater and boiler replacements, landscape improvements and select unit upgrades to meet ADA requirements. POAH also received support from the Weatherization Assistance Program (WAP) and National Grid’s EnergyWise program to make energy efficiency improvements that reduce utility consumption and improve resident comfort.
The improvements will shore up the property for the long term, contributing to the overall health and welfare of its residents. Additionally, POAH Communities worked with the Elizabeth Free Center, the Brien Center, and others to deliver resident services programs.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- National Affordable Housing Trust (NAHT)