U.S. Senator Jack Reed, Congressman David Cicilline, Treasurer Seth Magaziner, Providence Mayor Jorge Elorza and leaders from RIHousing and Preservation of Affordable Housing (POAH) celebrate 128 newly renovated apartments at Oxford Gardens and Oxford Place.
The recently completed $25 million project, undertaken by POAH, involved a $7.5 million renovation, including new roofs, siding and insulation, solar panels, energy efficient windows, hot water heater and furnace replacements, upgraded fire protection systems, common-area improvements, handicap accessibility modifications and the modernization of many original apartment kitchens and bathrooms.
This project marks the 40th renovation of a Providence housing development in the last three years. In the past year, the agency financed the development and preservation of 470 homes statewide. This development activity represents a $98 million investment in Rhode Island communities and supports 400 jobs.
Located between Broad Street and Prairie Avenue in lower South Providence, Oxford Place and Oxford Gardens were originally developed by Peoples Redevelopment Corporation (PRC), a community nonprofit organization. The buildings were constructed in 1978 and 1989 respectively and were supported by financing from RIHousing. After nearly three decades of ownership, PRC selected Boston-based POAH to carry on their important work and ensure preservation of the developments. POAH combined both properties into one ownership entity and extended the affordability of the apartments for an additional 40 years.
The rehabilitation was partially funded using the State’s Housing Preservation and Production Program (HPPP), a pilot program that was proposed by Gov. Gina Raimondo and approved by the General Assembly. The HPPP program, administered by RIHousing, provided gap financing to developers to rehabilitate existing apartments and build new homes within financial reach for Rhode Islanders.
RIHousing issued tax exempt bonds that were purchased directly by Boston Private Bank & Trust Company. In addition, financing included State Housing Preservation and Production funds and Federal LIHTC equity from Stratford Capital. Peoples Redevelopment Corporation provided seller financing, and POAH also contributed a sponsor loan. The project also benefited from a grant through the Federal Home Loan Bank of Boston Affordable Housing Program.
