EAST GREENWICH – Developers and project partners recently celebrated the groundbreaking of the planned Frenchtown Road Apartments at 655 Frenchtown Road.
The mixed-income, multifamily development consists of a four-story building with a total of 63 one- and two-bedroom apartments, as part of a state-financed project undertaken by the Philadelphia-based Pennrose LLC and the locally based Cove Homes Inc.
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The apartments are expected to be completed and open by the fall of 2024, according to project developers.
In 2022, the R.I. Housing and Mortgage Finance Corp. board of commissioners approved and issued a total of $5.79 million in low-income housing tax credits and other financing for the Pennrose and Cove Homes joint venture to develop the Frenchtown Road I project. The board also approved another $5.6 million in tax-exempt financing for a second phase, Frenchtown Road II.
According to Pennrose, of those 63 new apartment units, 24 will be for households making less than 60% of the average median income; 13 will be for households making between 60% and 120% average median income; and 26 will be for those making 30% or less of average median income, supported through a combination of federal Section 8 project-based vouchers issued by the East Greenwich Housing Authority and through Section 811 Vouchers from R.I. Housing.
The development will also feature a courtyard, a lounge and a wellness center, according to the developers. On-site property management and support services for residents will also be included, the developer said.
R.I. Housing Secretary Stefan Pryor said the affordable homes created through the project will help counteract the state’s ongoing housing crisis.
“We know that by providing affordable housing, we prevent homelessness,” Pryor said during a groundbreaking event held at the project site.
This was the second groundbreaking held by Pennrose in Rhode Island. The company held a groundbreaking in July to mark the start of construction for a 127-unit apartment building in the Interstate 195 Redevelopment District in Providence.
Pennrose was established in 1971 and has since created 27,000 rental units across 350 developments throughout the country.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
