First LISC investment going to affordable housing in Burrillville

PLANS FOR A 96-UNIT affordable housing development in the Pascoag village of Burrillville that includes 8,000 square feet of commercial space are being supported by $795,000 in predevelopment funding from Local Initiatives Support Corp. / COURTESY LOCAL INITIATIVES SUPPORT CORP.
PLANS FOR A 96-UNIT affordable housing development in the Pascoag village of Burrillville that includes 8,000 square feet of commercial space are being supported by $795,000 in predevelopment funding from Local Initiatives Support Corp. / COURTESY LOCAL INITIATIVES SUPPORT CORP.

BURRILLVILLE – A 96-unit development in Burrillville is among the initial beneficiaries of a commitment by the nonprofit organization Local Initiatives Support Corp. to direct $25 million to grants, loans and equity investments in affordable housing.

LISC announced its Invest in Rhode Island program in September. The program is intended to support new affordable housing construction and support investments in safe streets, commercial corridors, child care centers and schools, and job placement and training programs.

In Burrillville, in the village of Pascoag, NeighborWorks Blackstone River Valley will receive $795,000 in predevelopment funds from LISC. The funds will cover costs for engineering and preliminary architecture, among others, for a new affordable housing development on two sites. The duplex-style construction will create affordable housing in the community, as well as an estimated 125 construction jobs over the next three years, according to a news release by LISC.

The project also will include 8,000 square feet of commercial space near downtown Pascoag.

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Another project that has received LISC funding since September will rehabilitate existing affordable housing in Pawtucket. Prospect Heights, the state’s second-oldest affordable housing development, will be renovated by Omni Development Co., using a $100,000 no-interest loan from LISC for predevelopment expenses.

The project will include replacement of doors, windows and heating systems, as well as improved exteriors. The work is expected to generate 300 construction jobs.

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