This family rental property is located in a solid residential neighborhood just a quarter-mile from the Providence-Johnston border and was nearing the expiration of its mortgage as well as its Section 8 rental subsidy contract when POAH's purchased it along with the Pocasset Manor. The financing combined mortgage and construction loans from Rhode Island Housing with the proceeds generated from syndication of Low Income Housing Tax Credits.
As new owner, POAH undertook numerous upgrades to the site, from an exterior facelift which added color and new fencing to interior upgrades to apartments and security and life safety systems. Among the most significant improvements, however, is the enhanced accessibility of the property: a system of new ramps now allows residents or visitors with physical challenges to reach the management office, laundry room and storage area.
The two- and three-bedroom units at Hillside Village are generously sized, with unusually ample storage. The property is well-located near King's Park, served by public transportation, and typically has a waiting list of interested applicant families.
- Rhode Island Housing
- US Department of Housing and Urban Development (HUD)
- PNC Multifamily Capital