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Cathedral Square Apartments II - Providence, RI

Cathedral Square Apartments II (CSA II) is a 93 unit apartment facility located in downtown Providence, Rhode Island adjacent to Interstate 95 and the Cathedral of St. Peter and Paul. It is comprised of one and two bedroom units helping to serve Providence’s affordable housing community.

Constructed in the early 1980’s, CSA II had recently completed a building renovation in 2013 which included new roofing, elevator upgrades, window systems and interior improvements. The construction budget for this project was approximately $1,400,000 and the project was completed in less than 18 months.

Utilizing our own management (PAG) and construction team (CCM), the coordination and renovation of Cathedral Square II was performed without relocating tenants from their units.

HUD provided financing for this project under the 223(f) pilot program in addition to the utilization of Low Income Housing Tax Credits (LIHTC), the first to be closed on the East Coast under this fairly new financing program vehicle.   Financing through the construction phase was tax exempt with tax exempt bonds issued by The City of Providence.  At construction completion, the bonds were paid off and financing was converted to a permanent taxable loan under the HUD 223(f) program.