Newport Daily News: BankNewport gets affordable housing grant

Posted Jan 11, 2020 at 12:11 PM

BankNewport gets affordable housing grant

Federal Home Loan Bank of Boston awarded more than $57.5 million in grants, loans, and interest-rate subsidies to support 37 affordable housing initiatives in New England and beyond, including a grant to BankNewport in Middletown.

These projects, funded in part through FHLBank Boston's Affordable Housing Program, will create or preserve 1,416 rental and homeownership units for individuals and families earning up to 80% of the area median income. As part of this funding round, Rhode Island received $945,000 in grants for 55 affordable units of rental and ownership housing.

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Courtesy of Newport Daily News