Fieldstone Apartments was built in 1980 and is located just three tenths of a mile from Point Judith Pond, a four-mile-long salt water pond which opens to Point Judith Harbor and the Atlantic Ocean. With its proximity to the seashore, this site would clearly have appeal to a market-rate developer but POAH was able to work with the town and state housing agency to preserve this family housing in 2007.
This acquisition was especially significant given the need for affordable housing in the resort town of Narragansett, where less than 3% of all housing meets affordability guidelines.
POAH's financing package included loan funds via private activity bonds from Rhode Island Housing as well as equity generated through the sale of Low Income Housing Tax Credits (LIHTCs).
POAH's renovations were extensive encompassing everything except roofs: foundation joists, sub flooring, ground level sheetrock, siding and windows. Kitchens and baths were updated in all 24 two-bedroom unit and the property was converted to natural gas for heating, using state-of-the-art energy efficient boilers that will slow escalating utility costs.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- PNC Multifamily Capital
- Davis Square Architects
- Pezzuco Construction Inc