PROVIDENCE – R.I. Housing recently approved $12 million in taxable refinancing to ensure Saint Elizabeth Place remains subsidized for residents in need.
The 149-apartment building in Upper South Providence provides housing for elderly and disabled residents that receive rental assistance through subsidized apartments.
The current contract was set to expire in 2023. As part of the refinancing, the developer will renew the contract for 20 years and will execute a new, 40-year affordability agreement, according to a news release.
The property is self-managed by Saint Elizabeth Community, a nonprofit corporation that provides residential apartments for independent seniors, assisted living, home care services, a skilled nursing facility and adult day care in 12 Rhode Island locations.
Mary MacDonald is a PBN staff writer. Email her at MacDonald@PBN.com, or you can follow her on Twitter @MaryF_MacDonald.
