RIHousing recently announced the recipients of more than $2.4 million in federal HOME funding, as well as $2.9 million in federal Low Income Housing Tax Credits (LIHTCs) to provide rental and homeownership opportunities in rural, suburban and urban communities. The funding is targeted to the development of homes in Burrillville, Richmond, Charlestown, Barrington and Providence.
“The HOME program, combined with the use of LIHTCs, enables local developers to attract $28.8 million in private investment and build 137 much-needed homes across our state,” said Barbara Fields, Executive Director of RIHousing. “I’m especially pleased by the geographic diversity of these developments, which offer a range of housing options throughout our state.”
Information about each of the developments can be found below:
Fernwood (Phase II)
Fernwood is a NeighborWorks Blackstone River Valley development and was approved for a $485,436 HOME loan to construct eight new homes for first-time homebuyers. This is the second phase of 30 planned homes, which also received funding from USDA Rural Development.
Shannock Falls, which is being built on two sites in Richmond and Charlestown, was approved for a $500,000 HOME loan, as well as over $1 million in LIHTCs, which will leverage more than $9.2 million in private investment from Red Stone Equity Partners. The developer, Women’s Development Corporation, will build 32 apartments in Richmond and 11 homes in Charlestown. The project will support 77 construction jobs.
Palmer Pointe, being built by East Bay Community Development Corporation in Barrington, was awarded a $775,500 HOME loan and $919,472 in LIHTCs, which will leverage more than $8.4 million in private equity from Red Stone Equity Partners. The project will include 46 apartments and create 58 construction jobs.
Maplewoods Apartments is a SWAP, Inc. development located in the Manton neighborhood of Providence. RIHousing approved a $703,727 HOME loan, as well as $970,000 in LIHTCs, which will leverage more than $9.1 million in private equity from LISC’s National Equity Fund. The development will create 40 apartments and support 72 construction jobs.