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ProJo: Financing OK’d for housing in Lincoln, North Kingstown and Providence

PAWTUCKET, R.I. — The Rhode Island Housing Board of Commissioners approved financing and low-income-housing tax credits Thursday for three affordable developments, one each in Lincoln, North Kingstown and Providence.

The board also approved a $500,000 revolving loan for ONE Neighborhood Builders, a nonprofit community-development organization in Providence, to buy and rehabilitate or build new affordable properties to sell to first-time home buyers in the Olneyville and Elmwood neighborhoods in Providence.

These developments won preliminary financing approval:

— Lincoln Lofts, in Lincoln’s Saylesville section, is a planned-historic redevelopment of the Sayles Company Mill Storehouse & Packing building at 90 Industrial Circle into 45 affordable apartments. Dakota Partners, based in Massachusetts, is the developer and contractor. The development cost is $13,499,648, which includes a historic tax credit of more than $2 million and an $8.5-million construction loan from the Bank of America. The board gave preliminary approval to loans and reserved low-income-housing tax credits to support the development.

The project includes 15 one-bedroom units and 30 two-bedroom apartments. Three of the one-bedroom units will he handicapped accessible.

— Reynolds Farm Senior Housing in North Kingstown, is a development that will include 40 affordable residences for people 55 and over. The developer is the Valley Affordable Housing Corporation. The development cost is $9,295,224. The new construction also received preliminary loan approvals and low-income-housing tax credits. It is part of a larger development called Reynolds Farm, located south of Post Road (Route 1) and Route 403, south of Quonset Point. When completed, it will include 625 residences, including single-family houses, rental apartments and townhomes.

The board met at the Pawtucket Central Falls Development Corp.’s offices at 2 Bayley St., next to Farm Fresh RI’s Harvest Kitchen, a cafe and market that provides jobs training and employment for young adults and sells fresh foods from local farmers. The development agency’s executive director, Linda Weisinger, was on hand to welcome the board.

— cdunn@providencejournal.com

(401) 277-7913

On Twitter @ChristineMDunn

Courtesy of Providence Journal 



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