RIHousing’s board of commissioners recently approved financing to create 610 homes and support almost 700 jobs in six communities.
The financing, which includes $3.7 million in federal low-income housing tax credit (LIHTC) awards, National Housing Trust Fund money, HOME funds, and Capital Magnet Fund money, will help support the new construction and preservation of affordable apartments for families, seniors, and those with special needs.
“The success of these developments relies heavily on the utilization of every available funding resource and partnership at our disposal,” said RIHousing interim executive director Carol Ventura. “We appreciate the support of our congressional delegation and state leadership in ensuring these resources are available to spur the production of housing in Rhode Island. These approvals represent our commitment to the state and its residents to create homes, jobs, and thriving communities.”
The developments receiving LIHTC awards include:
- Brookside Terrace in East Greenwich: The estimated $14 million new construction development by Dakota Partners will include 48 affordable apartments and a single-story community building. Financing includes $12.4 million in LIHTC credit equity and $1.5 million in National Housing Trust Fund and HOME money.
- Hope Mill in Scituate: Paramount Development Group and Hunt Capital Partners are transforming a vacant mill into a 118-unit mixed-income development, with 70 affordable and 48 market-rate units. Financing for the estimated $35.4 million development includes $12.6 million in LIHTC equity, a $10.6 million first mortgage, and $1.25 million HOME funds.
- King Street Commons in Providence: This mixed-use project by ONE Neighborhood Builders will preserve and create new housing and a child-care center in the Olneyville and Elmwood neighborhoods. The estimated $17.2 million development will preserve 32 units and add 30 new units of affordable housing. Financing includes $12.4 in LIHTC equity and $2 million from the Building Homes RI program.
The board of commissioners also approved financing for the acquisition/rehab of 382 units, including:
- 40-42 Park Street in Pawtucket: Pawtucket Housing Authority has received a $650,000 taxable mortgage and $300,000 in Capital Magnet funds to do a moderate rehab on two buildings with 28 units serving low- and moderate-income individuals and families.
- Three Sisters in North Providence, Providence, and Woonsocket: Omni Development Corp. is combining three separate Sec. 8 projects with 354 units serving seniors and the disabled into one new entity utilizing tax-exempt financing and 4% LIHTCs. Funding for the acquisition/rehab includes $33 million in tax-exempt financing and $600,000 in Capital Magnet funds.