Wednesday, August 16, 2017

149 Senior Apartments Preserved Through RIHousing Refinancing

With $12 million in refinancing from RIHousing, 149 senior apartments will remain affordable for 40 years at Saint Elizabeth Place, a housing development for elderly and handicapped individuals in Providence.

“Rhode Island is facing a serious housing shortage – in particular, we project a shortfall in senior housing, a segment of our population that continues to grow,” said Barbara Fields, Executive Director of RIHousing. “This refinancing ensures that much-needed homes for seniors are preserved at Saint Elizabeth Place, which has a stellar reputation for providing quality senior housing.”

The current contract at Saint Elizabeth Place was set to expire in 2023, but with the refinancing, the developer has renewed the contract for 20 years and agreed to extend the affordability for 40 years.

“Expanding and restoring our housing stock – including housing across the range of price points—is an essential part of our effort to grow economic opportunity in Rhode Island,” said R.I. Secretary of Commerce Stefan Pryor.