Home Economy Economic Activity 7 affordable housing projects awarded $27.2M in tax credits

7 affordable housing projects awarded $27.2M in tax credits

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PBN Staff

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05/07/2025

Statehouse-696x509-1 — SIX AFFORDABLE housing projects across the state have been awarded $27.2 million in low-income housing tax credits. / PBN FILE PHOTO/CASSIUS SHUMAN

PROVIDENCE – Seven affordable housing projects across the state have been awarded $27.2 million in low-income housing tax credits. The awards, the first ever from the State Low-Income Housing Tax Credit initiative, will support the construction of more than 500 new affordable housing units and the preservation of 30 existing units. “This is a historic

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PROVIDENCE – Seven affordable housing projects across the state have been awarded $27.2 million in low-income housing tax credits. The awards, the first ever from the State Low-Income Housing Tax Credit initiative, will support the construction of more than 500 new affordable housing units and the preservation of 30 existing units. “This is a historic step forward in our work to make Rhode Island more affordable for everyone,” said Gov. Daniel J. McKee. “By awarding the first-ever State Low-Income Housing Tax Credits, we’re leveraging private investment to deliver real, long-term solutions to our housing challenges. These awards will help build and preserve hundreds of affordable homes across the state – homes that will give Rhode Islanders the stability and opportunity they deserve.” Two of the projects are being led by a team – Valley Affordable and Aldersbridge – and received one award for both projects. The seven projects that received funding are:

The Flynn, 220 Blackstone St., Providence, $2.6 million. Total units: 178 units – all at or below 80% of area median income.
East Point, off Roger Williams Avenue in East Providence, and Woodward on Woodward Street in the Berkeley village of Cumberland, $2.6 million. Total units: 69 units (39 new, 30 preserved) – 15 at or below 30% AMI, 54 between 31%-80% AMI.
ProJo Apartments, 203 Westminster St., Providence, $6.8 million. Total units: 115 units – 25 at or below 30% AMI, 90 between 31%-80% AMI.
Lippitt Mill, 825 Main St., West Warwick, $4.4 million. Total units: 68 units – 8 at or below 30% AMI, 60 between 31%-80% AMI.
School Street, Central Falls, $4.7 million. Total units: 58 units – 12 at or below 30% AMI, 46 between 31%-80% AMI.
South Point Commons, off Wells Street, Westerly, $6 million. Total units: 72 units – 16 at or below 30% AMI, 34 between 31%-80% AMI, 16 between 81%-120% AMI, 6 market rate.

“State investment such as SLIHTC is critical to achieving our housing production goal of 15,000 units by 2030,” said R.I. Housing Secretary Deborah Goddard. “The developments supported by this funding will serve as a catalyst for future growth and revitalization. These awards represent a significant investment in our state’s infrastructure and the well-being of our communities.”