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Stock impact report

The BLVD Group Strengthens Its Rhode Island Presence with Woonsocket Purchase [Yahoo! Finance]

Community Bank System, Inc. (CBU) 
Last community bank system, inc. earnings: 4/20 06:45 am Check Earnings Report
US:NYSE Investor Relations: ir.communitybanksystem.com
Company Research Source: Yahoo! Finance
million acquisition and planned LIHTC renovation of Rock Ridge Apartments, a 152-unit community in Woonsocket, Rhode Island . The transaction positions the company to preserve and upgrade existing affordable housing while expanding opportunities for lower income households across the region. Through this transaction and subsequent development, BLVD is revitalizing the property, creating 30 new affordable units, and expanding access to affordable housing for lower income households. Upon completion, all units will be available to families earning up to 50% or 60% of the Area Median Income (AMI). The acquisition and renovation are being financed through Low Income Housing Tax Credits (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 Show less Read more
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