ProJo: State housing agency approves financing for Smithfield development

PROVIDENCE, R.I. — A financing package for a 42-unit affordable housing development in the Georgiaville section of Smithfield was approved Thursday by the Rhode Island Housing Board of Commissioners.

The board unanimously approved $837,000 in 2018 low-income housing tax credits, a first mortgage of $190,000, and a second mortgage of $379,000.

The total cost of the development, called Georgiaville Village Green, has increased from $10.4 million to $11.1 million since the board voted for preliminary approval in May 2016. The cost jump is primarily due to environmental cleanup costs, the need for a sewer lift station and the inclusion of a solar array.

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Courtesy of Providence Journal

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