The Rhode Island Housing Board of Commissioners on Thursday morning approved a financing package that will preserve 128 affordable apartments in South Providence.
Oxford Place and Oxford Gardens, originally built in 1978 and 1989, respectively, will be rehabilitated by a new owner, Preservation of Affordable Housing (POAH) of Boston.
Up to $12 million in tax-exempt mortgage revenue bonds will be issued for the purchase and rehabilitation of Oxford Place and Oxford Gardens. Affordability will also be preserved for 40 years. Oxford Place is a high-rise for elderly and disabled residents and Oxford Gardens is a townhouse development for families.
Ninety-nine percent of the units are designated for households with incomes at or below 60 percent of area median income. In Providence, area median income is $50,450 for a one-person household and $72,100 for a four-person household, so 60 percent would be an annual income at or below $30,270 for one person and $43,260 for a family of four.