RIHousing, joined by Governor Gina Raimondo, Providence Mayor Jorge Elorza, State Representative Raymond Hull and Acting Providence City Council President Sabina Matos recently celebrated the groundbreaking of 60 King Street in Olneyville.
Located at the site of the former Imperial Knife Factory, 60 King Street builds upon significant reinvestment in the neighborhood that has occurred over the last decade. The restoration will create 60 apartments and reconnect the building and the street to the surrounding neighborhood. The total cost for the redevelopment is approximately $21.9 million.
“This development represents another important step in our collective efforts to expand Rhode Island’s housing stock,” said Barbara Fields, Executive Director of RIHousing. “60 King Street is a great example of how investment in housing can used to build housing and revitalize communities, all while creatingjobs and strengthening the economy.”
Financing for 60 King Street includes $900,000 of federal Low Income Housing Tax Credits (which will leverage $9.35 million in private equity from RBC Capital), a $6.5 million tax-exempt loan, a $500,000 State of Rhode Island Housing Preservation and Production Program loan and $500,000 in HOME funding, as well as financing from LISC.