BLVD Group Plans LIHTC Renovations at Woonsocket Apartments

BLVD Group Plans LIHTC Renovations at Woonsocket Apartments
News| April 23, 2025| Paul Bubny
Boston & New England + Apartment Buildings

The BLVD Group, a Los Angeles-based developer and owner of affordable housing, announced the $57-million acquisition and planned Low-Income Housing Tax Credits (LIHTC) renovation of Rock Ridge Apartments, a 152‑unit community in Woonsocket, RI. Through this transaction and subsequent development, BLVD will create 30 new affordable units at the property.

Upon completion, all units will be available to families earning up to 50% or 60% of the Area Median Income. The acquisition and renovation are being financed through LIHTC and tax-exempt bonds issued by Rhode Island Housing with a permanent Fannie Mae loan. Additional funding includes 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 owns and operates other properties in Rhode Island.

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