RIHousing’s board of commissioners extended the affordability of 131 senior apartments for 40 years with the approval of $9.6 million in refinancing for Coats Manor Apartments, a housing development for elderly and disabled individuals.
Coats Manor has a total of 131 apartments, all of which are subsidized through funding that provides rental assistance to residents. As part of this refinancing, the developer will execute a new 40-year affordability agreement. In addition, the developer will undertake renovations to the development, including emergency generator replacement, flooring repairs and replacement, and HVAC upgrades.