Cherry Hill Apartments is a 72-unit senior/disabled affordable housing development in Johnston. 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. 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. The $3M 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. This project 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.
OwnerPreservation of Affordable HousingProject Value$3MCompletion Date2016MarketRenovation & Restoration, Senior Living, Affordable Housing, SustainableServiceOwner’s Representation
