Home Economy Economic Activity $72M awarded to produce, preserve 332 homes across R.I.

$72M awarded to produce, preserve 332 homes across R.I.

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PBN Staff

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04/17/2026

mckeehead — NEARLY $72 MILLION in state funding has been approved to produce and preserve 332 homes across Rhode Island, Gov. Daniel J. McKee, the R.I. Executive Office of Housing, and RIHousing announced Thursday. /PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Nearly $72 million in state funding has been approved to produce and preserve 332 homes across Rhode Island, including affordable housing. The funding, announced Thursday by Gov. Daniel J. McKee, the R.I. Executive Office of Housing and RIHousing, includes $31 million in voter-approved resources and 308 affordable homes. The awards combine federal and state

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PROVIDENCE – Nearly $72 million in state funding has been approved to produce and preserve 332 homes across Rhode Island, including affordable housing. The funding, announced Thursday by Gov. Daniel J. McKee, the R.I. Executive Office of Housing and RIHousing, includes $31 million in voter-approved resources and 308 affordable homes. The awards combine federal and state resources, including federal 9% low-income housing tax credits as well as federal 4% state low-income housing tax credits, bond funding, and gap financing. Also, the funding announcement marks the first step of the RIHousing board of commissioners deploying more than $113 million made available through the latest consolidated funding round, which was open for applications from October to December 2025. The remaining funds will be distributed through a second round, expected to open in May, with approximately $40 million available to support continued housing production and preservation efforts. “This first round of funding is turning momentum into meaningful results for Rhode Island,” McKee said. “By putting these resources to work, including significant bond funding from Rhode Island’s historic housing bond, we are creating more affordable homes, strengthening communities and continuing to build a housing pipeline that meets the needs of Rhode Islanders today and into the future.” Awarded developments include:

55 Pine St., 51 Pine St LLC in Providence: $2 million for the adaptive reuse of a historic downtown Providence building, currently vacant office space, to create 24 homes, including 13 affordable units.
183 Washington St., Women’s Development Corporation in West Warwick: $14.9 million for the adaptive reuse of the long-vacant former Ocean State Furniture building to create 30 Permanent Supportive Housing units for individuals experiencing or at risk of homelessness
Champagne Heights inSouth Kingstown: $20.4 million for the new construction of 85 homes, including 81 affordable units, through a multi-phase redevelopment.
Newport Heights Phase I, Trinity Newport, in Newport: $3.9 million for the preservation and rehabilitation of the 81-unit development, including 72 affordable units, originally built in 2003.
The Paddock Phase I, The Arc of Blackstone Valley, Pawtucket: $11.3 million for the new construction of 49 affordable homes as part of a larger multi-phase redevelopment of a former Narragansett Park racetrack site.
Residences at 322 Washington, Lincoln Capital Acquisition in Providence: $11.4 million for the new construction of 51 affordable homes on a vacant lot in the Federal Hill neighborhood.
West End III, Women’s Development Corporation, Providence, which previously received funding through an earlier consolidated round, was awarded an additional $3 million in this round to support the preservation of 47 affordable homes.
Wunnaunt Apartments, Mt. Hope Community Center and Omni Development Corp. in Providence: $4.1 million for the new construction of 12 affordable homes supporting the advancement of health equity and community development in the Mount Hope neighborhood and surrounding areas.

“Today’s awards show continued progress in our efforts to expand housing options across Rhode Island,” said R.I. Secretary of Housing Deborah Goddard. “They highlight a focused, thoughtful, and strategic approach to putting resources to work where they can have the greatest impact.”