By SANDY McGEE

WOONSOCKET — Officials of Rhode Island Housing and its housing development partners celebrated the preservation and revitalization of 123 apartments for senior citizens with a ribbon cutting ceremony held Wednesday morning at Mount Vernon Apartments.

Speakers for the ceremony were John Bentz, president of the Property Advisory Group; Robert Gaudreau Jr., president of the Cathedral Development Group; and Joel Mathews, planning director for the city of Woonsocket.
Speakers also included Nancy Smith Greer, field office director for the U.S. Department of Housing and Urban Development (HUD), and Carol Ventura, director of development for Rhode Island Housing.
The Cathedral Development Group recently purchased both Mount Vernon Apartments on Bernon Street and Temple North Apartments on Rivulet Street with a financing package from Rhode Island Housing. The financing package, according to Rhode Island Housing officials, will preserve the affordability of these combined 123 homes for at least another 40 years.
“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,” said Richard Godfrey, executive director of Rhode Island Housing. “The preservation of the Mount Vernon and Temple North Apartments for seniors is working toward our goal of providing safe, healthy homes that all Rhode Islanders can afford.”
Mount Vernon Apartments provides 99 homes for senior citizens. Temple North Apartments includes 24 homes.
Rhode Island Housing provided a $4.1 million tax-exempt mortgage for the developments. In addition, the agency allocated federal low-income housing tax credits, which will generate more than $2 million in equity, according to officials. Property Advisory Group manages both buildings.
“The development will now remain affordable for the foreseeable future,” said Bentz.
“Our current and future residents will have a decent and safe apartment to reside.”
“Cathedral Development thanks both Rhode Island Housing and HUD for being instrumental in assisting in the rehabilitation of this important affordable housing in the Woonsocket community,” said Gaudreau.
All 123 apartments receive Section 8 rental assistance from the U.S. Department of Housing and Urban Development and serve seniors with incomes below 60 percent of the area median income - $30,720 for a single-person household and $35,100 for a two-person household.
In addition, HUD renewed Mount Vernon and Temple North Apartment’s Housing Assistance Program contracts and gave the developer permission to pre-pay its previous mortgages to facilitate the preservation.
“HUD’s partnership with Rhode Island Housing and Cathedral Development Group will ensure that seniors have a nice home that fits within his or her budget,” said Greer. “These developments will create a higher quality of life and improved sense of community for Woonsocket residents.”
Collectively, the buildings underwent $3 million in renovations to improve qualify of life, safety and security for the residents and enhance the surrounding neighborhood, according to Rhode Island Housing authorities.
Improvements included new roofing; mechanical, electric and water supply system upgrades; fire protection improvements; kitchen renovations; and extensive site and drainage improvements.
Rhode Island Housing provides low-interest loans, grants, education, advocacy and consumer counseling to help its customers rent, buy and retain their homes.