A new development is bringing affordable housing options to one of the wealthiest communities in Rhode Island, announced officials.
Dakota Partners has completed the first phase of Brookside Terrace in East Greenwich, where the median household income is $130,000. Prior to this development, there was virtually no affordable housing in the community, according to the development team.
Built on a formerly vacant 17.2-acre site, Brookside Terrace consists of two phases. Phase I includes the construction of two three-story residential buildings with 48 units and a single-story community building.
The second phase, currently under construction, will also include 48 affordable rental units in two additional three-story apartment buildings. All of the buildings are garden-style walk-up structures with a mix of one- and two-bedroom, open-concept style apartments.
“The need and demand for rental housing options is strong in East Greenwich, where less than 5% of the town’s housing stock is considered affordable,” said Carol Ventura, executive director of RIHousing. “We’re excited to see phase one of Brookside Terrace come to fruition, as it provides much-needed affordable homes in a highly desirable community with only limited affordable apartment options.”
The financing behind the approximately $15.2 million development includes low-income housing tax credits awarded by RIHousing, which also provided HOME, Housing Trust Fund, and other resources. Bank of America is the housing credit investor and construction lender.
The community is easily accessible from Route 2 (South County Trail) and conveniently located near the area’s downtown restaurant and shopping district.
Both phases were designed and are being built to passive house standards, which utilizes super insulation, an airtight building envelope, and heat-recovery ventilation systems to reduce overall energy consumption.
Dakota Partners began implementing these principles into communities in 2017 and is now one of the nation’s most active passive house developers of affordable housing.
As a real estate developer and builder, Dakota Partners develops affordable, workforce, and market-rate housing communities across New England, New York, and the Mid-Atlantic states.
