R.I. Housing approves investments in three developments

RHODE ISLAND HOUSING Executive Director Barbara Fields said the investments will create jobs and maintain homes for residents that will be affordable. / COURTESY RHODE ISLAND HOUSING
RHODE ISLAND HOUSING Executive Director Barbara Fields said the investments will create jobs and maintain homes for residents that will be affordable. / COURTESY RHODE ISLAND HOUSING

PROVIDENCE – Rhode Island Housing has approved refinancing or tax credit packages for three projects that will rehabilitate housing developments in several communities.
The agency’s Board of Commissioners on Thursday voted to refinance $7.5 million in debt for the Esmond Village Apartments in Smithfield. The development, which dates to 1978, has six multi-story buildings and provides 140 apartments for elder residents and Rhode Islanders with disabilities. The refinancing will allow a renovation and extend the affordability of the apartments.
In a separate vote, the board approved $511,790 in federal low income housing tax credits, a $459,000 deferred payment loan and $1.5 million in a construction loan for the Dean Street Studios in Providence. Now called Advent Apartments, this project is a 51-unit supportive housing development. It will be renamed Dean Street Studios by the development team, Women’s Development Corp. and Riverwood Mental Health Services.
Finally, the commissioners authorized $19.2 million in borrowing for the rehabilitation of the Evergreen, Pleasant Ridge and New City apartments. These apartments are located in two developments in Providence. The Evergreen and Pleasant Ridge apartments are 65 units, in scatted locations in the Mount Hope neighborhood. New City apartments includes 100 units in the neighborhoods of Upper South Providence and Lower South Providence, as well as Elmwood.
In a statement, Rhode Island Housing Executive Director Barbara Fields said the investments will create jobs and maintain homes for residents that will be affordable.
“Ensuring our existing housing remains intact and within financial reach for the next generation of Rhode Islanders is essential for our state’s economic growth,” Fields said.

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