PROVIDENCE - Buildings and homes in need of repairs in Woonsocket and Newport have access to funds for rehabilitation under an affordable housing initiative announced Monday.
The two Rhode Island projects are expected to create 68 units of affordable housing, using nearly $1.4 million in grants, loans and interest-rate subsidies provided through the Federal Home Loan Bank of Boston.
The funds for the Newport project are being awarded through BankNewport. The funds for the Woonsocket project are being awarded through Citizens Bank. Both banks are members of the Federal Home Loan Bank, a cooperatively owned wholesale bank for housing finance in New England.