PROVIDENCE – Rhode Island Housing last week announced a $15 million financing package for Church Community Housing Corporation’s mixed-use Sandywoods Farm, an award-winning development in Tiverton. (READ MORE)
With an expected spring closing, the financing package includes an $11.2 million construction loan, $2.6 million mortgage and more than $1 million in federal Low Income Housing Tax Credits and a targeted loan, according to Rhode Island Housing.
Designed by Donald Powers Architects, the development will have 50 cottage-style apartments, 24 single-family homes, community gardens, art-studio space and a small commercial center. About 111 acres of the 172-acre site will be dedicated open space.
“This unique and well-planned co-op development will encompass many of the things that make a vibrant community – safe homes, commerce and a healthy environment,” Church Community Housing Executive Director Stephen Ostiguy said in a statement. “We are confident Sandywoods Farm will serve as a model community for years to come.”
Rhode Island Housing Executive Director Richard Godfrey said the development is well aligned with Rhode Island Housing’s KeepSpace project.
“KeepSpace is about working together cooperatively to create communities where a healthy environment and smart, sustainable infrastructure are as important as nice homes and good, local jobs,” he said in a statement. “Sandywoods Farm combines all of these qualities with beautiful designs that preserve the character of the town. And the use of alternative power sources further protects the environment while lowering cost of living for residents.”
Church Community Housing Corporation, based in Newport, is a secular, nonprofit housing developer founded in 1969. It has built more than 1,000 homes and repaired more than 2,000 others. For additional information, visit www.cchcnewport.org.
