BOSTON – As part of a $17.5-million loan, grant and subsidy program, the Federal Home Loan Bank of Boston, through member institution Bank Rhode Island, has awarded more than $2.1 million to Providence-based arts nonprofit AS220.
The money – $798,222 of which will come in the form of a grant and subsidy, while the other $1.37 million will come as a loan – will support AS220’s planned renovation of the Mercantile Block on Washington Street, in downtown Providence. The project has also received state and federal historic-preservation tax credits.
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The Mercantile Block will be refurbished to include 16 affordable rental units for artists, the FHLB said. The building abuts the Dreyfus Hotel, the renovation of which brought AS220 a 2007 Preservation Award for adaptive reuse, neighborhood revitalization and institutional restoration from the Providence Preservation Society. (READ MORE)
“This is great news for the continuing renaissance of downtown Providence, and I am pleased that the Federal Home Loan Bank of Boston continues to provide funding to preserve and build affordable housing in Rhode Island,” U.S. Sen. Jack Reed said in a statement. “This is a smart investment in our community that will enhance the neighborhood and provide quality, affordable and environmentally friendly housing for local artists and their families.”
Each year, the FHLB commits 10 percent of net profits to providing grants and subsidized, below-market-rate loans. The ongoing “credit crisis” had increased the need for affordable housing, FHLB President and CEO Michael A. Jesse said. “Now more than ever, working families, seniors and special needs populations need decent housing, and I’m proud that our contribution will help make that a reality for more than 400 individuals and families.”
Additional information about the Federal Home Loan Bank of Boston and its Affordable Housing Program is available at www.fhlbboston.com/ahp. Information about AS220 can be found at www.as220.org.
Bancorp Rhode Island Inc. (Nasdaq: BARI), based in Providence, is the parent of Bank Rhode Island, a state-chartered, FDIC-insured institution with 16 branches in Providence, Kent and Washington counties. Additional information about BankRI and its parent company is available at bankri.com.
