Jamestown Press: Town loans $510K to help build three affordable homes at 91 Carr Lane

By ohtadmin | on March 07, 2019


The town councilors Monday night approved a $510,000 loan for Church Community Housing Corporation, which will allow the nonprofit agency to develop affordable housing on Carr Lane without being subject to high-interest rates.

According to Town Planner Lisa Bryer, the Newport company has a combined credit line of $1.5 million between Rhode Island Housing and BankNewport, but it also has pending projects in Middletown and Tiverton.

The loan will allow Church Community Housing to break ground at all three locations during the same timeframe. Bryer expects this practice to become routine because borrowing money from the town is a win-win for both sides; the town inches towards its mandate of 10 percent affordable housing while the nonprofit agency dodges interest payments.

“It's probably going to become a more regular thing,” she said.

The loan will have no effect on taxpayers. Between the town's revolving loan fund and affordable housing trust, there is more than $700,000 set aside for these projects.

“We have enough,” Bryer said.

To view the complete article, visit Jamestown Press

Courtesy of Jamestown Press
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