Press Release – RIHousing July 11, 2019
Over $34 million in private investments will create and preserve housing in communities across the state
Providence, RI – RIHousing’s Board of Commissioners approved investments at its June Board meeting that will attract private investments of more than $34 million, create 610 homes, significantly improve the neighborhoods where they are located, and support almost 700 jobs. Funding awards were approved for developments located in East Greenwich, North Providence, Pawtucket, Providence, Scituate and Woonsocket.
“The success of these developments relies heavily on the utilization of every available funding resource and partnership at our disposal,” said Carol Ventura, Interim Executive Director at RIHousing. “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 represent a diverse range of properties, from preservation to new construction, located in rural, suburban and urban communities across the state. When constructed, these developments will provide affordable apartments to families, seniors and those with special needs.
One of the developments approved at the meeting is Brookside Terrace in East Greenwich. Located on a 17-acre site, the development has an expected total development cost of approximately $14 million, will support 86 jobs and create 48 affordable apartments in a town with housing prices that are well above the median price of a home in Rhode Island. Financing for Brookside Terrace includes $12.4 million in Low-Income Housing Tax Credit (LIHTC) equity, a $1.2 million in financing and $1.5 million in Federal Housing Trust Fund and HOME Program funding.
“The lack of affordable housing is a critical issue for residents in every city and town in Rhode Island, whether urban, suburban or rural,” said Steve Kominski, Vice President of Acquisition and Development at Dakota Partners, Inc. “Recognizing the need for affordable rental homes for its residents, the Town of East Greenwich embraced our Brookside Terrace project and was extremely helpful in bring it to fruition.”
Located in the Olneyville and Elmwood neighborhoods of Providence, King Street Commons includes the preservation and new construction of 62 apartments and a child care center. The construction of new homes at the Olneyville location is strategically sited across from the recently developed 60 King mill redevelopment and adjacent to the Manton Heights public housing development. Financing for the project includes: $12.4 million in LIHTC equity, $1.6 million in financing and $2 million from the Building Homes RI program (the State’s affordable housing bond).
“100% of the units at King Street Commons will be affordable rental housing,” said Jennifer Hawkins, Executive Director of ONE Neighborhood Builders. “The project will build on existing and ongoing redevelopment efforts in these two neighborhoods. We are especially excited to redevelop a blighted stretch of land that has been a magnet of crime and nuisance – its redevelopment will connect the Manton Heights development to Riverside Park and produce critically needed housing for families.”
The child care facility will feature plenty of outdoor play areas. The new facility will allow the non-profit Children’s Friend to more than double the number of children they can accommodate in their Head Start programs.
Other approvals provide financing to rehabilitate Section 8 developments serving the elderly and disabled in North Providence, Providence and Woonsocket; the rehabilitation of 28 apartments in Pawtucket in partnership with the Pawtucket Housing Authority; and the conversion of the vacant Hope Mill in Scituate into a mixed-income development with 118 apartments.
The Board of Commissioners also reviewed and approved $4.7 million in Acquisition and Revitalization Program (ARP) funding for revitalization efforts in Providence and Pawtucket.
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit www.RIHousing.com or follow us @RIHousing on Facebook and Twitter.
Media Contact: Kyrie Perry / email@example.com / 401-457-1276