PROVIDENCE – R.I. Housing recently approved $12 million in taxable refinancing to ensure Saint Elizabeth Place remains subsidized for residents in need.
The 149-apartment building in Upper South Providence provides housing for elderly and disabled residents that receive rental assistance through subsidized apartments.
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The current contract was set to expire in 2023. As part of the refinancing, the developer will renew the contract for 20 years and will execute a new, 40-year affordability agreement, according to a news release.
The property is self-managed by Saint Elizabeth Community, a nonprofit corporation that provides residential apartments for independent seniors, assisted living, home care services, a skilled nursing facility and adult day care in 12 Rhode Island locations.
Mary MacDonald is a PBN staff writer. Email her at MacDonald@PBN.com, or you can follow her on Twitter @MaryF_MacDonald.
