Warwick Beacon: Citizens Bank provides $9M for W. Warwick housing project

Citizens Bank announced recently that its Community Development Group has provided $9 million in financing in the form of a tax-exempt bond to Pawtucket Development Group, LLC for the acquisition and renovation of a vacant historic mill, known as Lippitt Mill, located in West Warwick, into 65 residential housing units.

Twenty-eight of the units will be available to tenants at or below 60 percent of Area Median Income and 37 units will be market-rate units. The project is financed with low-income housing tax credits, federal and state historic tax credits and Rebuild RI Tax Credits.

“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group's market knowledge and excellent execution,” said Kris Shaw, president of Pawtucket Development Group, LLC. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”

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Courtesy of Warwick Beacon