BARRINGTON – Palmer Pointe, a 46-unit project for low- to moderate-income renters, will celebrate its opening with a ribbon-cutting on Friday, according to a news release.
The $10 million project was built by East Bay Community Development Corp. with financing from multiple sources, including the R.I. Housing and Mortgage Finance Corp.
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Funding for the project consisted of nearly $920,000 in federal Low-Income Housing Tax Credits and $775,500 in an R.I. Housing Home Loan. These sources combined to attract $8.4 million in private funding from Red Stone Equity Partners, a New York-based firm that sponsors and manages investment funds in low-income housing.
Palmer Pointe is located at 91 Sowams Road, on the site of the former Sowams Nursery.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
