Water's Edge Apartments
Water’s Edge, located in picturesque Narragansett, Rhode Island, just blocks from the ocean beckoned to private developers as a potential site for market rate condos or luxury homes as the end of the 15-year rent restriction period loomed in the early 2000s.
Determined to find a solution to save the family units, despite their inadequate drainage underneath and poor ventilation, local and state officials approached POAH to consider preserving Waters Edge, adding it to their Narragansett portfolio. Local and state resources were combined to create the necessary financing; Rhode Island Housing provided a preservation loan, tax exempt bonds and Low Income Housing Tax Credits, while the Town of Narragansett absorbed soft debt and abated some real estate taxes. In return, POAH committed to keep rents affordable for 40 years.
The ground-up renovation included sealing the crawl spaces, then installing new windows, ventilation, windows, kitchens, baths, and roofs. The grounds were landscaped, with seating added to the interior courtyard. All of the buildings were painted in a beach-themed palette and, for the first time, two units were retrofitted for handicapped access.
- Rhode Island Housing
- Town of Narragansett
- US Department of Housing and Urban Development (HUD)
- MMA Capital
- Davis Square Architects
- Nation Wide Construction