Pawtucket, RI 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.

“With Rhode Island facing a serious housing shortage, demand for senior housing is projected to increase over the next 10 years – making the preservation of these 131 apartments even more important,” said Barbara Fields, executive director of RIHousing. “As our population of seniors continues to grow, we must make sure there are enough good homes for seniors.”

The property is owned and managed by Ferland Corporation, which operates more than 2,500 units in 31 locations across the state.