PROVIDENCE – The R.I. Housing Board of Commissioners approved $837,000 in 2018 low-income housing tax credits for the Georgiaville Village Green housing development in Smithfield, the agency announced Thursday.
The development will include 42 one-, two- and three-bedroom apartments and is expected to cost $11 million.
Housing also approved a first mortgage of $190,000 and a second mortgage of $379,000.
Gemini Housing Corp. and Coventry Housing Associates Corp. are the developers of the project.
The site was formerly the Narragansett Gray Iron Foundry mill site. The mill was demolished by the previous owner and qualified as a brownfield site. The developers have already begun remediation of the project.
“Housing is the foundation of a strong economy and essential for healthy communities to thrive,” said Barbara Fields, executive director of RIH. “Restoring this area will improve public health, protect the environment, and support our continuing efforts to increase the local supply of housing – as well as put Rhode Islanders to work.”
The development will include three one-bedroom apartments, 21 two-bedroom apartments and 18 three-bedroom apartments in nine buildings.
The housing will be available to individuals and families earning less than 60 percent of the area median income, or $43,260 for a family of four. Five of the units will be reserved for individuals and families earning less than 30 percent of the area median income, or $24,600 for a family of four.
Other funding for the development includes:
- $7,952,000 in private equity from the sale of 9 percent LIHTC bonds
- $906,000 in Acquisition and Rehabilitation Program funds
- $750,000 loan from the Thresholds Program
- $650,000 federal grant from the Community Development Block
- $200,000 grant from the R.I. Department of Energy Management
- $62,000 grant from the Smithfield Housing Trust
- $15,000 grant from Housing Ministries
Chris Bergenheim is the PBN web editor.
