FALL RIVER – Citizens Bank last week announced it’s providing a $3 million loan for the rehabilitation of affordable housing units in Fall River.
The Providence-based bank is lending the money to the NHP Foundation, which sponsors Ships Cove Preservation Partners LP on the project. The loan will go toward costs to rehabilitate 201 units of affordable housing at 130 Canal St.
“We greatly value our new partnership with Citizens Bank and appreciate the Community Development Lending Group’s great ideas and quick execution,” said Patrick Fry, senior vice president at the NHP Foundation. “Citizens has a very strong commitment to affordable housing and to Massachusetts.”
NHP Foundation, a New York–based nonprofit, has preserved 60 multifamily properties totaling about 12,000 units, according to a press release.
“This project meets a critical need in the Fall River community and Citizens’ involvement is a sign of our commitment to supporting affordable housing,” said Jerry Sargent, president of Citizens Bank for the Massachusetts market.
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