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.
