R.I. Housing approves financing for five affordable housing projects, 452 apartments

PROVIDENCE The R.I. Housing and Mortgage Finance Corp. has approved financing and tax credit allocations that will create 452 affordable apartments across several Rhode Island communities.

The funding awards, approved Tuesday, will help spur development in five locations in Exeter, Providence, Tiverton and Woonsocket, according to a news release.

The developments will provide affordable apartments for people who are now priced out of the market-rate units, according to officials.

“Affordable housing is a major issue for Rhode Island, which has only been exacerbated by the pandemic,” said Gov. Daniel J. McKee in a statement.

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He has included in his budget proposal a new fee that would create a permanent funding stream for construction of affordable housing. The budget has not yet been approved by the R.I. General Assembly.

The new projects that gained financing through R.I. Housing include:

— The Joseph Caffey Apartments, formerly known as Barbara Jordan 2, in Providence, which will develop 79 affordable rental units in 11 buildings in South Providence;

— Braeburn Chatham Apartments in Providence, which will rehabilitate 91 units in two existing, Section 8 developments in the Wanskuck neighborhood;

— Millrace District in Woonsocket, which will include the rehabilitation of a former mill into mixed-income housing, with 70 apartment units at affordable rates;

— Bourne Mill III, which will include 59 units for households in a new four-story building at the site of the redeveloped Bourne Mill in Tiverton.

— Pine View Apartments in Exeter, which will feature new construction of 40 units for very low-income households with incomes from 30% to 60% of area median income.

Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.