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Governor McKee, RIHousing Announce Historic $80M Investment for Affordable Housing Across Rhode Island

RHODE ISLAND, June 16 - EAST PROVIDENCE, RI – Governor Dan McKee today joined with Rhode Island Housing to announce a historic investment of more than $80 million to create and preserve more than 875 homes across the state. Of these, over 800 will be affordable units. Through a combination of state and federal resources, including $15 million from the McKee Administration's RI Rebounds initiative and $10 million from the Housing Production Fund, these developments are investments to strengthen communities and support over 1,200 jobs.

"Rhode Islanders need more homes they can afford," said Governor Dan McKee. "Ensuring all Rhode Islanders have access to a safe and affordable home is critical to the success of Rhode Island families, our communities and our state. These and other historic investments in my proposed FY 2023 budget will support Rhode Island residents – now and in the future. Together, these investments will help alleviate the housing shortfall and affordability crisis while reinvigorating our economy. We have a once-in-a-lifetime opportunity to make a real investment in our state's future and put Rhode Island on a strong path forward. We're ready to make the most of that opportunity."

"Many of our neighbors are struggling with housing availability and affordability," said Lt. Governor Sabina Matos. "These challenges did not occur overnight, and we can only start addressing these issues by building more affordable housing units. Long term investments like the ones we are announcing today will go a long way towards keeping Rhode Islanders in healthy homes they can afford and be proud of."

Speaker K. Joseph Shekarchi and Senate President Dominick J. Ruggerio said, "All positive outcomes start with a good, safe, clean and affordable home. People's health is improved, children do better in school, and families thrive when they are in stable housing. This significant investment announced today, coupled with $250 million in the proposed state budget for affordable housing and addressing homelessness, will continue to reduce barriers to housing."

Today's announcement was made with East Providence Mayor Bob DaSilva at City Hall overlooking the Ivy Place project that will proceed thanks to funding from today's announcement.

"Affordable Housing continues to be our priority for our administration as housing prices have become out of reach for residents," East Providence Mayor Bob DaSilva said. "East Providence will continue to work with investors and nonprofits to continue bring more affordable housing units to our city. We thank Gov. McKee and his administration for their continued support and investment in our city's effort to offer affordable housing for our residents."

The developments represent a diverse range of property types, located in urban, suburban and rural communities across the state. When constructed, these developments will provide much needed affordable apartments and homeownership opportunities to individuals and families.

"These historic investments are laying the foundation for a bright future for our state and its residents," said Carol Ventura, Executive Director of RIHousing. "Hundreds of new affordable homes will help to alleviate the housing pressures Rhode Island families face, while also putting people to work in high-demand construction and allied fields. These investments are a smart and strategic way to meet the housing demands of our state, put people to work, and help reinvigorate our economy."

Developments receiving awards:

- Bear Hill Village (Cumberland): firm approval of financing for a three-story garden-style building originally constructed in 1980. The property includes 111 one-bedroom and 15 two-bedroom apartments for elderly and disabled households and will undergo accessibility, fire- and life-safety renovations/upgrades.

- Bernon Mill (Woonsocket): historic mill to be redeveloped into 60 units of rental housing serving households earning 30%-80% AMI. Listed on the National Register of Historic Places and constructed in 1827 for manufacturing use, the property consists of three historic buildings.

- Bourne Mill III (Tiverton): 59 units of mixed-income rental housing in a newly constructed building on the site of the redeveloped Bourne Mill complex. 47 units will be affordable up to 60% AMI.

- Copley Chambers (Providence): firm approval of financing for rehabilitation of blighted, vacant historic building on Broad Street in Upper South Providence. The property is listed on the National Register of Historic Places as one of the first apartment buildings in the city, constructed in 1913.

- Fifty Washington Square (Newport): existing development currently provides 93 units of Permanent Supportive Housing along with a homeless shelter, transitional shelter and office space for several non-profit organizations. The property is listed on the National Register of Historic Places. This refinancing is a resyndication of LIHTC in order to recapitalize and rehabilitate the building.

- Frenchtown I and Frenchtown II (East Greenwich): mixed income development on a vacant property on Frenchtown Road in East Greenwich. The 63 rental units will serve a range of incomes, including 16 units at 30% AMI, 28 units at 60% AMI, and 19 units at 100% AMI. The 30% AMI units will be subsidized with U.S. Department of Housing and Urban Section 811 vouchers providing supportive housing for persons with disabilities and project-based Section 8 vouchers.

- Ivy Place (East Providence): New construction of affordable homeownership units in a mixed-use building that includes four live/work units for small entrepreneurs fronting Taunton Avenue. Ivy Place is on a vacant infill site located across from East Providence City Hall. 10 of the units will be sold to households at or below 80% AMI and three units will be sold to households below 100% AMI.

- Looking Upwards Apartments (Jamestown): The conversion of an existing building currently used by Looking Upwards, Inc. for storage and offices into 12 affordable apartments, eight of which will be designated for individuals with intellectual and developmental disabilities who are at risk of homelessness. The units will offer a variety of service options including fully independent living, partially supported living and fully supported living with a live-in caregiver.

- Parcel 9 (Providence): New construction, mixed-use, mixed-income development on a vacant parcel at the edge of the Fox Point neighborhood in Providence. 29 new affordable rental units with eight units at 30% AMI, 16 at 60% AMI, and five units at 120% AMI. The developer has partnered with Children's Friend and Service and will construct a head start day childcare facility on site.

- Park Holm IV (Newport): fourth phase of a planned five-phase redevelopment of an existing 262-unit public housing development. Phase IV includes 51 units of affordable rental homes. All of the Apartments will be restricted to households with incomes at or below 60% of AMI.

- Residences at Riverside Square (East Providence): 16 new affordable rental apartments for households with incomes between 30% and 80% of AMI, three of which will be reserved for youth aging out of foster care. The redevelopment of this site will revitalize a long-vacant and blighted property adjacent to the East Bay Bike Path.

- Riverside Landing (Coventry): The adaptive reuse of two structures located along the Pawtuxet River that will provide six townhouse-style two-bedroom units, plus two single level, two-bedroom units. All units will be income restricted to 50% AMI.

- Summer Street Phase I (Providence): Summer Street I is part of a two phase development, which will collectively include 176 units in a newly constructed building on Summer Street in the city's West End. These units will replace the 176 single Room Occupancy (SRO) units at 160 Broad Street, which will then be converted by Crossroads RI to one-bedroom and studio apartments. The 87 units at Summer Street I will serve extremely low-income individuals who are homeless or at risk of homelessness.

- Sutton Place (East Providence): A 36-unit development in East Providence comprised of two existing structures containing 14 studio and 22 one-bedroom units with income restrictions between 30% and 80% of AMI.

- The Millrace District (Woonsocket): Adaptive re-use of three vacant mill buildings into a mixed-use/mixed income project. The project will completely rehabilitate a blighted and environmentally contaminated space into 70 affordable 'live/work' studio/one-bedroom/two-bedroom units, along with office, retail and arts fabrication space. 55 will be affordable to households with incomes between 30% and 60% of AMI; 23,000 sq ft of commercial space.

- Villages at Manville (Lincoln): Construction of 72 units of new mixed-income housing in the Manville section of Lincoln. The project will consist of three, three-story residential buildings with 72 units and a single-story clubhouse/community building. Eight units are set aside for 30% AMI, 42 units at 60% AMI, seven units at 80% AMI, and 15 units at market rate.

- West House II (Middletown): Three-story addition to West House I, a 50-unit HUD Section 202 housing development built in 1996. Residents of West House II will benefit from access to and use of the existing West House I parking and common area, which includes a nurses' office, library, game and fitness room, double dining room and coffee shop and computer lab. The development will be restricted to residents that are 55 and older.

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