RIH OKs refinancing of Washington Hill Apartments mortgage

PROVIDENCE – Rhode Island Housing has approved the refinancing of an $11.4 million mortgage for Washington Hill Apartments in Lincoln, ensuring the development will remain affordable for at least 40 years.
The apartment complex is an elderly-housing development originally financed by Rhode Island Housing in 1980, according to a news release.
It includes 121 one- and two-bedroom units, leased at affordable rates based on tenant income. Using the proceeds from the refinancing, approved Jan. 25, a management company will retrofit the apartments with energy-efficient upgrades, and repair walls and sidewalks. SHP Acquisitions LLC will manage the planned rehabilitation.
The refinancing was made possible through the U.S. Department of Housing and Urban Development Risk Sharing program. Rhode Island is the third state in the nation to use the program, which provides credit enhancement for mortgages on multifamily housing projects whose loans are underwritten, processed and serviced by housing finance agencies such as Rhode Island Housing.

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