Pennrose Properties Completes 61-Unit Tandem Affordable Housing Development on Former I-195 Land in Providence

Pennrose Properties has completed Tandem, a 61-unit affordable and workforce housing development in Providence, Rhode Island, marking the second and final phase of a two-building redevelopment on land freed by the relocation of Interstate 195 roughly 15 years ago.

The project, located at 55 George M Cohan Boulevard in the Fox Point neighborhood, opened to residents in late August 2026. Together with Phase I — Tempo — the completed Parcel 9 development now delivers 127 mixed-income apartments to a centrally located, transit-accessible urban infill site.

Unit Mix and Income Targeting

Tandem's 61 units are distributed across multiple income tiers designed to serve a range of households. Thirteen units are restricted to residents earning at or below 30% of the area median income, 21 units are set at 60% AMI, and 15 units are targeted at 120% AMI. The remaining 10 units are offered at market rate.

The apartment mix includes studios, one-bedroom, two-bedroom, and three-bedroom units, as well as eight one-bedroom-plus-den configurations. All homes include in-unit washer and dryers. Building amenities include a fitness center and community room, and the site provides access to public transit.

Phase I, Tempo, contributed 66 units to the project, with approximately 70,434 square feet of residential space and 1,100 square feet of retail. Tandem adds approximately 71,368 square feet of residential space.

Financing Structure

Tandem was financed with 9% Low-Income Housing Tax Credits allocated by RIHousing. National Equity Fund served as the LIHTC syndicator, with Webster Bank acting as both tax credit investor and construction lender. The City of Providence and the Providence Redevelopment Agency provided gap financing as part of the broader Parcel 9 redevelopment effort.

The use of 9% LIHTCs reflects the financing structure that has become essential for producing deeply affordable units in high-cost urban markets, where construction costs frequently outpace what rent-restricted income tiers can support without public subsidy.

Redevelopment Context

The Parcel 9 site became available for development after the relocation of I-195, a major infrastructure project that created developable land in Providence's urban core. The city identified the parcels as an opportunity to add housing, generate employment, and reinvigorate the Fox Point neighborhood.

Beyond the residential components, the broader Parcel 9 vision includes a childcare facility, retail space, and a public plaza, positioning the site as a mixed-use node rather than a purely residential development.

National Equity Fund, which syndicated the tax credits for Tandem, reported in early 2026 that it raised and deployed $2.5 billion in affordable housing investments in 2025, generating $1.94 billion in LIHTC-specific investments and helping create or preserve more than 14,200 affordable homes. The firm also expanded its platform in 2026 through the acquisition of National Affordable Housing Trust's portfolio, bringing its holdings to approximately 165 properties and roughly 15,000 affordable homes across 29 funds.

Market Significance

The completion of Tandem adds to a national affordable housing supply that remains under persistent pressure. Infill sites with transit access and proximity to urban employment centers are among the most sought-after locations for mixed-income development, and former highway land in established neighborhoods represents a rare opportunity to deliver that combination at scale.

For Providence, the Tempo and Tandem phases represent the conversion of a long-dormant infrastructure remnant into 127 income-diverse apartments, with public and private capital structured to ensure a portion of those units remain accessible to lower-income households for the long term.

Sources

National Equity Fund — Tandem Replaces Former Highway Parcel with 61 More Affordable Homes in Providence, RI