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Arch Street brings right ingredients for Clark Biscuit rehab
St. Ann's Apartments in The Valley Breeze
St. Ann's Apartments in The Providence Journal
St. Ann's Apartments in The Woonsocket Call
St. Ann's Apartments in Rhode Island Housing
NH&RA Announces Finalists for 2007 Historic Rehabilitation Awards
Thursday, October 14, 2006
Affordable Housing Opens in Woonsocket

Woonsocket – Home for the holidays has a brand new meaning this year.

Twenty-five families will have an affordable apartment of their own just in time for Christmas with the opening of St. Ann’s Apartments on Gaulin Avenue and Cumberland Street.

Arch Street Development LLC cut the ribbon on the $7.1 million conversion of the former St. Ann’s School, parish house and convent on Monday.

“Adaptive reuse projects such as St. Ann’s Apartments are complex transactions that require multiple layers of equity and debt to achieve feasibility,” said Colin O’Keeffe, Principal of the Massachusetts-based company. “Each piece of funding generated through tax credits and through our debt partners was critical and came together to make this redevelopment a reality.”

The bulk of financing came from federal tax credits for housing and historic rehabilitation, O’Keeffe added.

“This is a great example of how public-private partnerships can create new affordable housing and revitalize our neighborhoods. These new apartments will allow a lot of hard-working families to have high-quality, affordable housing near where they work and go to school,” said U.S. Senator Jack Reed, who attended the ribbon-cutting ceremony.

Representative Patrick Kennedy said he was impressed with the success of the project and the team effort it took to get the job done. “I think everyone here can agree that affordable housing is not a privilege; it’s a basic human right, a mark of dignity government should strive to provide every opportunity for people to achieve,” said Kennedy.

The City of Woonsocket contributed $96,000 for lead remediation in the 100 year-old buildings. Financing also included grants and below-market-interest-rate loans from Rhode Island Housing totaling $846,000.

We should celebrate the homes we created and the community this initiative serves,” said Richard Godfrey, Executive Director of Rhode Island Housing. “St. Ann’s rescued historic buildings, brought millions of dollars of investment to Woonsocket and capitalized on the employment, shopping and schools within walking distance to these new homes.”

The State Housing Resources Commission invested $175,000 through the state Neighborhood Opportunities Program, which creates affordable homes for minimum-wage earning workers and persons with disabilities.

The Congressional Delegation, Governor, the General Assembly, and local officials and funders have joined together to assist in the important work of creating housing opportunities in the City of Woonsocket,” said Peter Walsh of the HRC.