PROVIDENCE – Citizens Bank, through its Community Development Group, has provided a $10 million construction loan to Shannock Falls LP, an entity created by the Women’s Development Corp. and the Washington County Community Development Corp. to construct 43 units of affordable housing on two sites in Charlestown and Richmond.
Five of the 43 units will be leased to tenants who earn salaries at or below 30 percent of the area median income. The remaining units will be reserved for tenants who earn somewhat more, at or below 60 percent of the area median income.
Since 2013, Citizens’ Community Development Group has directed more than $2 billion in loans and investments to support affordable-housing efforts.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
