NORTH KINGSTOWN – With a $23 million financing package secured in March, the new owners of North Kingstown’s Heritage Village have ensured that the complex will remain affordable housing for the next 40 years, Rhode Island Housing said last week.
The 204 apartments – where subsidies by the U.S. Department of Housing and Urban Development allow residents to pay only up to 30 percent of their income – were purchased recently by Preservation of Affordable Housing, a Boston-based nonprofit that owns more than 4,500 apartments in eight states.
The financing initiative includes $15.1 million in tax-exempt financing from Rhode Island Housing and $8 million in federal Low Income Housing Tax Credits, according to the nonprofit.
“Partnerships like these are critical to providing safe homes Rhode Islanders can afford and to breathing new life into our communities,” Richard Godfrey, Rhode Island Housing’s executive director, said in a statement.
Preservation of Affordable Housing also intends to finance $4 million in repairs and renovations at Heritage Village. The property is the nonprofit’s eighth in the Ocean State.
Rhode Island Housing is a self-sustaining state agency that helps Rhode Islanders to obtain homes they can afford, offering loans, grants and consumer education. To learn more, visit RhodeIslandHousing.org.
