PROVIDENCE – Rhode Island will receive a total of $1.7 million for affordable housing from the Federal Home Loan Bank of Boston that will support 158 rental and homeownership units across the city, Pawtucket, Warwick and West Warwick.
The funding, announced on Dec. 19, is part of the banking cooperative's $47 million Affordable Housing Program funding round that will support 49 housing initiatives across New England and beyond. The grants, loans and interest-rate subsidies are expected to create or preserve 1,532 affordable rental and homeownership units for households earning up to 80% of area median income, according to the bank.
“This funding is crucial as housing remains a pressing issue in urban, suburban, and rural parts of our region, and communities face ongoing challenges in creating and maintaining rental and ownership housing for low- and moderate-income households,” said FHLBank Boston CEO and President Timothy J. Barrett.
In Providence, Centreville Bank and Crossroads Rhode Island received funding to convert an obsolete single-room-occupancy building into 97 studio and one-bedroom apartments for adults experiencing homelessness or at risk of losing housing.
The units will serve residents earning at or below 30% of the area median income, according to FHLBank Boston.
In West Warwick, Citizens Bank and the Women’s Development Corporation secured funding to redevelop a former furniture store in the Arctic Village neighborhood into 30 affordable apartments.
The award also supports rehabilitation of 31 scattered-site apartments across eight buildings in Warwick, Providence and Pawtucket, with 18 of those units to be set aside as permanent supportive housing for individuals experiencing homelessness.
In 2024, FHLBank Boston awarded Rhode Island $52.5 million that supported 40 initiatives, expected to create or preserve roughly 1,250 units. In 2023, the bank granted $37 million to 29 projects across New England, creating or preserving more than 1,000 affordable homes.
Since launching its Affordable Housing Program in 1990, FHLBank Boston has helped finance the creation or preservation of more than 40,000 affordable homes and has provided more than $800 million in grants and low-cost financing.
FHLBank Boston is a member-owned banking cooperative serving New England and provides funding and programs to support affordable housing and community development.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
