WOONSOCKET – This Wednesday, Cathedral Development Group cut the ribbon on its 123-apartment, two-building affordable-housing development for senior citizens.
The larger of the two buildings, Mount Vernon Apartments on Bernon Street, has 99 apartments. The other, Temple North Apartments on Rivulet Street, has 24 apartments.
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The project was financed by a $4.1 million tax-exempt mortgage from Rhode Island Housing. along with $2 million in federal Low Income Housing Tax Credits. Tenants will receive Section 8 rental assistance from the U.S. Department of Housing and Urban Development.
“At a time when so many Rhode Islanders have lost their homes or face losing their homes, the need to preserve the homes we already have is becoming more and more critical,” Richard H. Godfrey Jr., Rhode Island Housing’s executive director, said in a statement at the ribbon-cutting.
Rhode Island Housing is a self-sustaining state agency that helps Rhode Islanders to obtain homes they can afford, offering loans, grants and consumer education. To learn more, visit rhodeislandhousing.org.
