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ProJo: State housing agency approves financing for Smithfield development

on January 18, 2018 in All News, Smithfield by Amy Cola

By Christine Dunn 
Journal Staff Writer 

Posted Jan 18, 2018 at 12:09 PM

Updated Jan 18, 2018 at 12:09 PM

PROVIDENCE, R.I. — A financing package for a 42-unit affordable housing development in the Georgiaville section of Smithfield was approved Thursday by the Rhode Island Housing Board of Commissioners.

The board unanimously approved $837,000 in 2018 low-income housing tax credits, a first mortgage of $190,000, and a second mortgage of $379,000.

The total cost of the development, called Georgiaville Village Green, has increased from $10.4 million to $11.1 million since the board voted for preliminary approval in May 2016. The cost jump is primarily due to environmental cleanup costs, the need for a sewer lift station and the inclusion of a solar array.

To view  the complete article, visit Providence Journal 

Courtesy of Providence Journal 

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