PROVIDENCE – The R.I. Housing and Mortgage Finance Corp. and the nonprofit Preservation of Affordable Housing have closed on financing for the second-stage tax credit recapitalization of Hillside Village, a 42-unit affordable-housing apartment complex in Providence.
The closing represents two years of predevelopment, underwriting, design, energy modeling and structuring of financing, including the addition of a $2.5 million Green Resilient Retrofit Program Leading Edge award from the U.S. Department of Housing and Urban Development in 2024 that will fund removal of gas-powered equipment, electrification of buildings, installation of a variable refrigerant flow system for heating, cooling and improved ventilation, rooftop solar arrays, an improved building envelope with added insulation, new siding, windows and roof replacement, according to a news release.
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The project also includes kitchen and bathroom upgrades, new flooring, and Americans with Disabilities Act compliance for three units. A $9.9 million renovation is underway, with completion expected in April 2027.
“POAH is conducting critical work in Rhode Island preserving the affordable housing that already exists in our communities, ensuring these homes are up to date and remain affordable for residents,” said Carol Ventura, CEO and executive director of R.I. Housing.
Aaron Gornstein, CEO and president of the Preservation of Affordable Housing, thanked R.I. Housing for its assistance in helping to “make these comprehensive renovations a reality for our residents” and praised federal support for energy efficiency improvements that will help residents “live in greater comfort and reduce their energy costs.”
Funding includes $13.2 million in tax-exempt bonds and Low-Income Housing Tax Credits through R.I. Housing; an $8.8 million construction loan from Citizens Bank; and $11.65 million in federal 4% Low-Income Housing Tax Credits and Solar Investment Tax Credits equity from Boston Financial.
Veer Mudambi is the special projects editor at Providence Business News. He can be reached at Mudambi@PBN.com.
