Rhode Island Affordable Development Activities
Soria (a.k.a. Frenchtown Road)
East Greenwich
Developer: Pennrose, LLC and Cove Homes Inc.
- Anticipated Completion Date: Q1 2025
- Total Units: 63 units
- Total Affordable Units: 63 units
- Affordability: 30% – 120% AMI
- Construction Status: 100% completed
Funding Sources and Amount:
| Sources | Amount |
|---|---|
| 4% LIHTC | $4,281,307 |
| 9% LIHTC | $5,150,726 |
| Building Homes Rhode Island | $6,211,442 |
| Housing Production Fund | $3,626,381 |
| Housing Trust Fund | $1,781,552 |
| Energy Rebates | $10,908 |
| THUD | $2,014,078 |
| Sponsor Loan/Deferred Fee | $500,000 |
| DAH-1* | $1,970,875 |
| RIH First Mortgage | $4,731,150 |
| RIH HOME Loan | $1,336,164 |
Total Development Cost: $31,614,583
SFRF Funds Expended To-Date: $1,970,875
