BHRI Investments Leveraged by Bank of America Funds

Published on June 16, 2010

An article in this week's Providence Business News (PBN) highlights the significant financial contributions that Bank of America has made towards building affordable homes in Rhode Island. The two featured developments, Bourne Mill and Stillwater, are also being built with Building Homes RI (BHRI) funds.

In 2008, Bank of America announced its intention to devote $1.5 trillion to community development throughout the United States over ten years, with a special focus on underserved communities, low and moderate income populations, and minority customers.

In Rhode Island, Bank of America Bank provided $21.1 million in a construction and tax credit bridge loan, along with a $9.3 million equity investment through use of federal historic tax credits to the Bourne Mill in Tiverton. The same development received $2.52 million from the Building Homes Rhode Island program, otherwise known as the housing bond approved by Rhode Island voters in 2006.

The Stillwater Mill in Burrillville is also benefiting from both a Bank of America investment and the Building Homes Rhode Island program. Of the $19.8 million project cost for the rehabilitation of the old cotton mill, BHRI dedicated $1.25 million, while Bank of America provided $4.8 million in the form of a construction and bridge loan.

As Rhode Island works to continue to address the ongoing shortage of affordable homes, the combined efforts of programs like Bank of America's community-development initiative and the state's Building Homes Rhode Island program, are helping our state ensure that Rhode Island residents, regardless of income, can live in quality affordable homes in vibrant and thriving neighborhoods.

You can read more about the economic impact and leveraging power of Building Homes RI funds in our new Special Report - Measuring the Economic Impact of Affordable Housing.