Research & Reporting > State Fiscal Recovery Funds Dashboard > Central Street Development
Last Updated: 10.18.2024
Rhode Island Affordable Development Activities
Central Street Development
Central Falls
Developer: Pawtucket Central Falls Development Corporation (PCFDC)
- Anticipated Completion Date: Q3 2026
- Total Units: 62
- Total Affordable Units: 62
- Affordability: 30% – 80% AMI
- Construction Status: 26% complete
Funding Sources and Amount:
| Source | Amount |
| RIH First Mortgage | $3,000,000 |
| Capital Magnet Fund | $250,000 |
| LIHTC Proceeds – 9% | $10,251,035 |
| Development of Affordable Homes* | $1,460,000 |
| Middle Income Program* | $1,510,000 |
| Community Revitalization* | $2,000,000 |
| FHLB Affordable Housing Program | $650,000 |
| Deferred Development Fee | $357,397 |
| Rollover Debt | $372,037 |
| Sponsor Loan | $360,000 |
| General Partner Capital | $100 |
| Other | $837,825 |
Total Development Cost: $21,048,394
SFRF Funds Expended: $4,970,000
* Sources funded by the State Fiscal Recovery Funds (“SFRF”).
Site Visit: 10.11.24
