PROVIDENCE – Citizens Bank’s Community Development Group awarded a $9 million tax-exempt bond Monday to the Pawtucket Development Group LLC for its renovation of the historic Lippitt Mill, the financial institution announced Monday.
The redevelopment project is expected to cost $15.2 million, according to the R.I. Commerce Corp.
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“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for Rhode Island residents,” said Keith Kelly, president, Citizens Bank Rhode Island, said in prepared remarks.
Located at 825 Main Street, West Warwick, the property was once the site of the oldest operating mill in the nation.
Lippitt Mill is expected to be transformed into 65 residential housing units. Twenty-eight of these units will be affordable housing available to individuals at or below 60 percent of the area median income and the remaining 37 units will be priced at market-rate.
“We look forward to continuing to work with the Citizens team as this project reaches its potential,” said Kris Shaw, president of Pawtucket Development Group, in a statement.
Additional financing of the project includes Low-Income Housing tax credits, federal and state historic tax grants and up to $2.1 million in Rebuild Rhode Island tax credits.
Over the past five years, Citizens’ Community Development Group has committed close to $2 billion in loans and investments in support of affordable housing and economic revitalization producing more than 15,000 new or rehabilitated housing units and more than 400,000 square feet of low- and moderate-income commercial space.
Emily Gowdey-Backus is a staff writer for PBN. You can follow her on Twitter @FlashGowdey or contact her via email, gowdey-backus@pbn.com.
