RIHousing Investment to Revitalize Smithfield Brownfield Site

Historic mill village development will create 42 homes, support 75 jobs

FOR IMMEDIATE RELEASE

Providence, RI –RIHousing’s Board of Commissioners today approved funding for Georgiaville Village Green, an $11 million, 42-unit family development that will be located in the historic Georgiaville Mill Village in Smithfield. The Board of Commissioners unanimously approved $837,000 in 2018 low-income housing tax credits (LIHTC), a first mortgage of $190,000, and a second mortgage of $379,000.

“Housing is the foundation of a strong economy and essential for healthy communities to thrive,” said Barbara Fields, Executive Director of RIHousing. “Restoring this area will improve public health, protect the environment, and support our continuing efforts to increase the local supply of housing – as well as put Rhode Islanders to work.”

The site was formerly home to the Narragansett Gray Iron Foundry – a mill building that was demolished by a previous owner. Due to the previous mill activity, the site is classified as a brownfield site. Gemini Housing Corporation and Coventry Housing Associates Corporation, the developers for Georgiaville Village Green, have already begun remediation of the site.

The Georgiaville development will include 3 one-bedroom, 21 two-bedroom and 18 three- bedroom apartments located in nine buildings. The housing will be available to individuals and families earning less than 60% of the Area Median Income (AMI), or $43,260 for a family of four. Five of the units will be reserved for individuals and families with disabilities earning less than 30% AMI, or $24,600 for a family of four.

Other funding for this housing includes: a $750,000 loan from the Thresholds Program; $7,952,000
in private equity from the sale of 9% LIHTC; a $650,000 federal grant from the Community Development Block; a $62,000 grant from the Smithfield Housing Trust; a $200,000 grant from the Rhode Island Department of Energy Management; $906,000 in Acquisition and Rehabilitation Program funds; and a $15,000 grant from Housing Ministries.

About RIHousing
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit www.RIHousing.com or follow us @RIHousing on Facebook and Twitter.

Rhode Island Housing Subsidiary Corporations and Affiliates

Rhode Island Housing Subsidiary Corporations

  • Rhode Island Housing Development Corporation (occasionally LLCs are established with the Development Corporation as sole general partner on multifamily properties that RIHousing has taken over.)
  • Rhode Island Housing Equity Corporation
  • Rhode Island Housing Equity Pool II, L.P.
  • Rhode Island Housing Equity Pool, L.P.
  • University Heights Housing Corporation

Rhode Island Housing Affiliates

  • Affordable Housing Trust

These are not RIHousing entities, but we have a general partner capacity in each:

  • Ashley Estates Limited Partnership – RIH Equity Corp. is general partner
  • Erik Estates Limited Partnership – RIH Equity Corp. is general partner
  • Mohican Limited Partnership – RIHDC is general partner
  • Phebe Street Associates, L.P. – RIHDC is general partner
  • University Heights Apartments, L.P. – University Heights Housing is general partner

Mission Statement

RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs. A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.

To achieve our mission we:

  • Offer fair, affordable and innovative lending programs.
  • Provide housing related education to consumers and others.
  • Promote and finance sensible development that builds healthy, vibrant communities.
  • Provide housing grants and subsidies to Rhode Islanders with the greatest need.
  • Team up with partners to improve everything we do

RIHousing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.

Healthy Housing, Healthy Communities (H3C) Initiative

RIHousing Healthy Housing, Healthy Communities (H3C) Plan
Rhode Island Health and Housing Tool Kit
Rhode Island Health and Housing Took Kit – Appendix A-K

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