R.I. Housing OKs $1M for Park Holm III improvements

NEWPORT – The Rhode Island Housing board has approved $1 million from a state housing preservation program to improve Park Holm III in Newport.
The state funds will leverage $3.8 million in private funds to rehabilitate 38 apartments and build four new apartments, as part of a multiphase redevelopment, according to R.I. Housing.
The redevelopment is expected to generate 68 construction jobs, and work should begin later this year. The state investment from the Housing Preservation and Production Program is part of the $3 million appropriated in fiscal 2016.
The program provides gap financing to rehabilitate existing housing units, according to a news release.