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Beachwinds Apartments (Beachwood/South Winds) Ribbon cutting, Narragansett
April 18, 2022 @ 10:30 am - 11:30 am
Developer: POAH
Funding: Resyndication of two Section 8 deals with tax exempt bonds and 4% credits; Risk Share
Description: Beachwinds Apartments is a 104-unit affordable housing community consisting of two senior developments, Beachwood Apartments and South Winds Apartments, in Narragansett, RI. Originally built in 1977, the properties have undergone extensive renovation to improve energy efficiency, sustainability and improved ventilation, along with new exterior siding, replacement and roof repair, new windows, kitchen and bathroom upgrades, renovated and expanded community rooms, and the conversion of 6 apartments to fully compliant ADA units.
In 2020, POAH applied for and received an allocation of Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds from RIHousing in order to re-syndicate the property and finance the renovations.
