Citizens finances affordable housing in Cumberland

PROVIDENCE – Citizens Financial Group Inc. has provided financing to the tune of $9.65 million for the construction and renovation of affordable housing by Ashton Village LP in Cumberland. The Low Income Housing Tax Credit construction loan will be used to build 11 new apartment units and renovate 42 existing units and will be available to families earning less than 50 percent and 60 percent of the area’s median income, according to a release sent out by the bank.
Ashton Village was formed by Valley Affordable Housing Corporation to work on the former workers housing site for the Ashton Mill along the Blackstone River.
“Citizens recognizes the crucial need for affordable housing in Rhode Island,” said Peter Bouchard, the executive director of Valley Affordable Housing Corporation. “The Citizens team … will help dozens of Rhode Island families be able to afford a place to live.” The nonprofit was formed in 1995 and has completed nearly one-dozen affordable housing projects since then.
The loan to Ashton Village come one year after Citizens announced a five-year, $1 billion effort to fund affordable housing and community development projects across its footprint. “We … are pleased to be working with leaders in the communities we serve to provide funding for crucial affordable housing projects, said Reza Aghamirzadeh, executive vice president and community development director at Citizens. “The importance of affordable housing in our communities cannot be overstated. Our $1 billion commitment to affordable housing complements the bank’s charitable program, Citizens Helping Citizens, which addresses the key areas of hunger, economic development, financial education and volunteerism as well as housing.”

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