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BLVD Communities Starts $25M Rehab of Providence Affordable Housing Complex
BLVD Communities has undertaken a $25.3-million redevelopment of Braeburn and Chatham apartments, a 91-unit affordable housing community located in Providence, RI. Additional project team members include:
- Equity Partner: Boston Financial Investment Management
- General Contractor: STAND Corporation
- Construction Lender: Citi Community Capital
- Architect: David Presbrey Architects
The redevelopment of Braeburn and Chatham apartments will preserve affordability for individuals and families who fall in an income range between 30% and 60% of the area’s median income. All units are covered by a Section 8 Housing Assistance Program (HAP) contract and the Low-Income Housing Tax Credit (LIHTC) requirements will keep the property available for income eligible residents through 2061.
Braeburn and Chatham apartments consist of four locations within a 1.5-mile radius: a 21-unit two-story building, 24 townhomes, a 6-unit three-story building and a 40-unit three-story building. The townhomes were originally constructed circa 1863-1864 by the Wanskuck Company and are considered historic properties.
- ◦Development
