Rhode Island Housing has awarded more than $2.5 million in low-income housing tax credits (LIHTCs) to three developments as part of its 2015 round: Greenridge Apartments development by NeighborWorks Blackstone River Valley in Burrillville, the Revitalize SouthSide development by SWAP, Inc., in Providence, and Amherst Gardens by Olneyville Housing Corp. in Olneyville.
The three developments will create or revitalize 185 homes in the state, with a total investment of more than $47 million.
“I am excited to announce the recipients of this year’s federal tax credit program, which is the primary funding source for the development of affordable rental homes in Rhode Island,” said Barbara Fields, executive director of Rhode Island Housing, in a statement. “We are especially pleased to play a role in the Greenridge Apartments development in Burrillville. This development is a great example of how Rhode Island Housing invests its resources to provide good, affordable homes for the workforce, while creating jobs and leveraging private investment in the state’s economy.”
For the Greenridge Apartments development, Rhode Island Housing is providing almost $1.1 million in 2015 9% LIHTCs, a forward commitment of almost $1.1 million in 2016 or 2017 tax credits, and a first mortgage of $1.9 million.
The 2015 tax credit round is the first under Rhode Island Housing’s updated qualified allocation plan, which uses a numerical scoring system to increase transparency for potential developers. Nine applications for tax credit funding were received in December, exceeding available funds by a ratio of 3.5 to 1.