The Sponsor is proposing the first phase of a two-part rehabilitation of the historic Prospect Heights apartment complex in Pawtucket, which recently received designation as a historically significant building by the National Park Service. In the first phase of project, the Sponsor is undertaking the rehabilitation of 101 affordable apartment units, which comprises 35% of the complex’s total units. Additionally, this project will include rehabilitation to the roofs, pipes, and community center. The project is the first Rental Assistance Demonstration Program (RAD) in the state of Rhode Island and is administered through the Department of Housing and Urban Development (HUD). Total project costs are estimated at $12.2 million.
The Sponsor has requested up to a maximum of $3,657,600 in Rebuild Rhode Island Tax Credits, which will be issued over five years.
The sponsor is a joint venture between WinnDevelopment and Omni Development Corporation. Located in Boston, MA, WinnCompanies is a leader in developing, operating and managing affordable housing communities. The company is the fifth-largest, affordable property manager in the country and has a portfolio of 100,000 multifamily units.
Omni Development is a Providence-based developer specializing in affordable housing. Omni has developed over 400 multifamily units throughout Rhode Island and Connecticut. Both companies previously partnered together on the successful redevelopment of the Lockwood Plaza Apartments in the South End of Providence, which transformed a blighted property into high-quality housing for low-income families.
Prospect Heights is currently owned by the Pawtucket Housing Authority (PHA) and will be developed in partnership with the PHA. Sokoloff Associates, Inc. is the development consultant for the project.
Economic Impact Analysis