RIH to provide $900K in Low Income Housing Tax Credits for affordable apartments

PROVIDENCE – Rhode Island Housing has agreed to provide $900,000 in Low Income Housing Tax Credits to facilitate redevelopment of the former Imperial Knife Factory into affordable apartments.
The project, which entails more than $21 million in development costs, will create 60 apartments and reconnect the building and King Street to the Olneyville neighborhood, according to a Rhode Island Housing news release.
The financing for the development at 60 King St. includes the low-income housing tax credits, which leverage about $9.35 million in private equity, a $6.5 million tax-exempt loan and a $500,000 loan through the Rhode Island Housing Preservation and Production Program. Another $500,000 in federal HOME Investment Partnerships Program funds also are involved.
The project is being developed by Trinity Financial LLC, of Boston. It previously received approval for up to $3 million in State Historical Preservation Tax Credits.
The former factory originally was built in 1923 as the Rochambeau Worsted Co. It had a three-story brick facility that produced textiles, and remained in operation until 1955.
In 1957, the factory was converted to a manufacturer for knives, part of the Imperial Knife Co. that was located elsewhere in Providence. That factory closed in the 1980s and the buildings were largely vacated. Later additions to the building will be razed as part of the redevelopment.

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