**BLVD Group Plans $57M LIHTC Renovation of Woonsocket Apartment Community**
The BLVD Group, a Los Angeles-based developer and owner of affordable housing, has announced the $57 million acquisition and planned renovation of Rock Ridge Apartments, a 152-unit residential community in Woonsocket, Rhode Island. As part of the redevelopment project, BLVD will add 30 new affordable apartments to the property.
Once renovations are complete, all units at Rock Ridge Apartments will be available to families earning up to 50% or 60% of the Area Median Income (AMI). The acquisition and renovation are being financed through Low-Income Housing Tax Credits (LIHTC) and tax-exempt bonds issued by Rhode Island Housing, along with a permanent loan from Fannie Mae. Additional funding sources include equity from the sale of renewable energy tax credits and a construction loan from Merchants Bank.
“This acquisition represents an exciting opportunity to transform a vital community asset into a modern, energy-efficient home for families in need,” said Rob Budman, Managing Principal at BLVD. The company currently owns and operates other affordable housing properties across Rhode Island.
This project reflects BLVD’s continued commitment to expanding and improving access to affordable housing across the United States.
