NAHT and POAH Close Financing for Aaron Briggs Manor and Cherry Hill Apartments
Columbus, OH. Wednesday, April 20, 2016. - NAHT, in partnership with Preservation of Affordable Housing (POAH) is pleased to announce the closing of $7.7 million in Low-Income Housing Tax Credit (LIHTC) equity financing for Aaron Briggs Manor and Cherry Hill Apartments. Both properties are located in Rhode Island: Aaron Briggs Manor is located in Providence, and Cherry Hill Apartments is located in Johnston. The rehabilitation includes a full renovation of 160 affordable rental units that will be made available for seniors and disabled residents.
NAHT secured the LIHTC investment from Citizens Bank under the NHT 31 Tax Credit Fund. As the LIHTC syndicator, NAHT will work with POAH and the LIHTC investor to ensure the project meets development requirements and is completed on time. The deal was closed on Friday April 8, 2016.
Merydith Greene, Senior Acquisitions Officer at NAHT, stated, "NAHT is honored to partner with POAH in the rehabilitation of Aaron Briggs Manor and Cherry Hill Apartments." She added, "We support their mission to create, preserve and sustain affordable, healthy communities that provide economic security and access to opportunity for all people."
About Preservation of Affordable Housing (POAH)
Preservation of Affordable Housing (POAH) is a nonprofit developer, owner and operator of nearly 9,000 affordable homes in 9 states and the District of Columbia. POAH’s primary mission is to preserve and create affordable rental homes for low and moderate income individuals, seniors, and families. For more information, visit www.poah.org.
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Lauren B. Williams, Communication Associate