PROVIDENCE – R.I. Housing announced the recipients of grants from the federal program, the Home Investment Partnership Program, otherwise known as HOME on Thursday. Over $2.4 million was approved from the program year of 2016, to be distributed among four developments in Rhode Island. The projects will account for 137 homes and apartments across five municipalities, including Burrillville, Richmond, Charlestown, Barrington and Providence.
R.I. Housing’s board of commissioners also approved the use of $2.9 million in federal Low Income Housing Tax Credits in conjunction with the HOME funding.
“The HOME program, combined with the use of LIHTCs, enables local developers to attract $28.8 million in private investment and build 137 much-needed homes across our state,” said Barbara Fields, executive director of R.I.Housing. “I am especially pleased by the geographic diversity of these developments, which offer a range of options – apartments, duplexes and single-family homes – throughout our state.”
The following four projects will be funded by R.I. Housing:
Fernwood Phase II, a NeighborWorks Blackstone River Valley development in Burrillville
- Approved for a $485,436 HOME loan to construct eight new homes for first-time homebuyers.
- This is the second phase of 30 planned homes, which also received funding from USDA Rural Development.
- Due to the nature of the project, construction job estimates are not available.
Shannock Falls, which is comprised of Richmond Ridge in Richmond and Shannock Village in Charlestown
- Approved for a $500,000 HOME loan, as well as over $1 million in LIHTCs, which will leverage more than $9.2 million in private investment from Red Stone Equity Partners.
- Women’s Development Corp. will build 32 apartments at Richmond Ridge, as well as 11 homes at Shannock Village.
- The project is expected to support 77 construction jobs.
Palmer Pointe, an East Bay Community Corp. development in Barrington
- Approved for a $775,500 HOME loan, as well as $919,472 in LIHTCs, which will leverage more than $8.4 million in private equity from Red Stone Equity Partners.
- The development will include 46 apartments for families.
- Expected to create 58 construction jobs.
Maplewoods Apartments, a SWAP Inc. development in Providence
- Approved for a $703,727 HOME loan, as well as $970,000 in LIHTCs, which will leverage more than $9.1 million in private equity from LISC’s National Equity Fund.
- The development will create 40 apartments.
- Expected to support 72 construction jobs.
Chris Bergenheim is the PBN web editor.