Colonial Village completes renovations

NORTH SMITHFIELD – Colonial Village, a 75-home neighborhood, will remain affordable for seniors and people with disabilities for at least another 40 years, Rhode Island Housing said this week.
The quasi-state agency joined with the development’s new owner, Colonial Village Associates, and elected officials to announce the completion of a $1.2 million renovation project. The neighborhood has been home to senior citizens and people with disabilities since the early 1980s.
“Several partners joined together to improve these homes and ensure they remain affordable and enhance the lives of the people who live here as well as the surrounding community,” said Richard Godfrey, executive director of Rhode Island Housing.
Rhode Island Housing provided a $3.4 million, 30-year tax-exempt first mortgage for the purchase and rehabilitation. Westerly-based Washington Trust provided syndication equity and rental assistance and additional financing from the U.S. Department of Agriculture and existing project reserves.
The completion of the project drew freshman Rep. David Cicilline, the former mayor of Providence, who took his new position earlier this month.
“As more and more Rhode Islanders struggle with reduced income and increased expenses, it is imperative that we ensure safe, healthy and affordable homes,” Cicilline said. “The renovations at Colonial Village have updated and preserved homes but, more importantly, the improvements will help enhance the lives of the people living there for years to come.”