60 King, Providence, RI

Quick Facts

Established by RI General Assembly
1973
Bonds and Notes Outstanding (as of 6/30/2024)
$2.39 Billion

About

RIHousing is a self-supporting public agency created by the General Assembly in 1973 to provide financing to increase the supply of affordable housing for families with low or moderate incomes.

Pursuant to its enabling legislation, RIHousing is authorized to issue bonds and other obligations to fulfill its corporate purpose. In addition to its bond programs, the corporation administers the Section 8 Housing Assistance Program, the HOME Investments Partnership Program, the federal Low-Income Housing Tax Credit, as well as other state and federal programs.

The corporation supports its staff and operating expenses through bond fund earnings, federal grant administration fees and interest income. RIHousing does not receive state appropriations for its operating budget.

Kara Lachapelle
Kara Lachapelle

Chief Financial Officer

(401) 457-1234

bonds@rihousing.com

Projects

Georgiaville Village Green, Smithfield

Georgiaville Village Green in Smithfield, RI is a joint venture between Gemini Housing Corporation and Coventry Housing Associates Corporation. Georgiaville Village Green has successfully remediated a brownfield site while introducing much-needed affordable, family housing into the northern part of the state. Georgiaville Village Green was one of the first projects to make use of funds from Rhode Island's Acquisition and Revitalization Program (ARP), funded via state bond funding approved by Rhode Island voters in November 2016.

The development includes 42 new rental homes and has been recognized by Grow Smart RI and the RI Chapter of the American Planning Association.

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Crossroads Family Housing, Providence

Developed by Crossroads RI, Crossroads Family Housing consists of 30 rehabilitated permanent supportive housing units in 14 buildings spread across the city of Providence. The project’s scope of work included exterior building rehabilitation and complete unit upgrades.

The properties are all urban sites within 1 mile of numerous community resources including stores, schools, churches, post office, offices, and health care providers.

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King Street Commons, Providence

Developed by One Neighborhood Builders, King Street Commons has revitalized vacant and blighted properties along King Street in the Olneyville section of Providence. The 2.5-acre project includes 30 new affordable rental apartments and an on-site childcare center plus the recapitalization and preservation of 32 affordable apartments in Providence’s Elmwood neighborhood. The development is strategically sited across from the recently developed 60 King mill redevelopment and adjacent to the Manton Heights public housing development.

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The Composition, Providence

Developed by SWAP, Inc., The Composition is an 84-unit scattered site development comprised of 76 units of existing affordable housing previously funded with Low-Income Housing Tax Credits known as Friendship Pine and Upper Pine Street, and the construction of 2 new buildings located at 1043 Broad Street, which contain 8 units of affordable family housing and 3 community/commercial spaces, all located in South Providence.

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Delaine Street Apartments, Providence

Developed by ONE Neighborhood Builders, Delaine Street Apartments is the successful rehabilitation of three buildings in the Olneyville Section of Providence. Once subject to blight and illegal dumping, the development is part of an effort to create a more vibrant community in the area. Delaine Street Apartments includes 9 units of affordable housing for income levels between 30-60% area median income (AMI).

The funding for Delaine Street Apartment comes from various sources, including the HOME Investment Partnership Program, Housing Trust Fund, and the Providence Affordable Housing Trust.

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Bowdoin Street Rowhouse, Providence

Developed by ONE Neighborhood Builders, the Bowdoin Street Rowhouse in Providence is an 8-unit development that has revitalized a formerly vacant site damaged by fire. The project utilized modular construction techniques to reduce costs and all units are designed to be net-zero energy ready. The Bowdoin Street Rowhouse is the developer’s first modular construction project, providing affordable apartments for households earning between 50-80% AMI.

Funding for the Bowdoin Street Rowhouse comes from various sources, including City of Providence HOME and Affordable Housing Trust funds, a State of Rhode Island Community Development Block Grant, and State of Rhode Island Neighborhood Stabilization Program funds.

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Beachwinds Apartments, Narragansett

Developed by Preservation of Affordable Housing (POAH), Beachwinds Apartments is a 104-unit affordable housing development consisting of two properties for seniors. Originally built in 1977, the properties have undergone extensive renovations, including improving energy efficiency, sustainability, and ventilation, along with upgrades to kitchens and bathrooms.

Funding for Beachwinds Apartments came from a variety of funding sources, including tax-exempt bonds, existing project reserves and LIHTC proceeds.

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Middle Street, Pawtucket

Developed by Pawtucket Central Falls Development, the Middle Street project consists of five 2-family homes at 54-78 Middle Street in Pawtucket. Once a vacant lot, each property was sold to a 1st-time homebuyer qualifying as low-moderate income with the second unit as a market rate rental, which helps provide additional income for the owner occupant. This mixed-income approach provides housing across the wage spectrum while at the same time helps to increase the residential density in the greater downtown area.  Homeownership opportunities within Pawtucket are ideal for commuters, who will have access to I-95 and the planned Pawtucket/Central Falls station.

The development received Homeownership Investment Fund (HIF) awards and BHRI III (Building Homes RI) funds.

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404 Broad Street, Providence

Developed by Southside Community Land Trust, the building serves as SCLT’s new headquarters and as an all-purpose building and year-round market for farmers, producers, and small food related businesses and allows the organization to expand their youth employment and education programs.

The development received state Acquisition and Revitalization (ARP) funds, grant funding from the US Department of Health and Human Services, a construction loan from RIHousing, and funds received from private foundations and donations.

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Brookside Terrace, East Greenwich

Developed by Dakota Partners, Inc., Brookside Terrace I & II provides 96 units of affordable rental housing spread throughout four, 3-story garden-style residential buildings. A single-story clubhouse and playground are also located on the property, which is set back from South County Trail. Developed in two phases, each phase consisted of two  buildings and 48 units. The development was designed and built to Passive House standards, which utilizes super insulation, airtight building envelope and heat-recovery ventilation systems to reduce overall energy consumption.

Funding came from a variety of funding sources, including a RIHousing mortgage, Low-Income Housing Tax Credit (LIHTC) equity, federal Housing Trust Fund program, HOME Program funding, and the Zero Energy for the Ocean State (ZEOS) program.

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