Federal Home Loan Bank of Boston funds $945K for new housing in R.I.

PROVIDENCE – Rhode Island received $945,000 in grants as part of Federal Home Loan Bank of Boston’s $57.5 million funding initiative to support affordable housing across New England, according to a news release.

Rhode Island’s grant funds will pay for a total of 55 rental and ownership housing units across two projects.

A $295,000 grant financed through Bank Rhode Island supports acquisition and construction of a mixed-use development on vacant land across from East Providence City Hall. The project includes 13 units for first-time homebuyers, 10 of which will be designated as affordable, below-market rate units.

A $650,000 grant financed through BankNewport will help to fund the renovation of a 50-unit, assisted living home in Middletown, which includes 35 low-income units. The construction financing will replace all major systems for the 19-year-old building, improve energy efficiency and upgrade the residential units and common areas.

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All projects are funded through financial institutions that are members of Federal Home Loan Bank of Boston. Member institutions worked with local developers to apply for funding, which was awarded through a “competitive scoring process,” the release stated.

Nancy Lavin is a staff writer for the PBN. Contact her at lavin@pbn.com.