Research & Reporting > State Fiscal Recovery Funds Dashboard > Frenchtown Road
Last Updated: 8.17.2025
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:
|
Funding Source Name |
Total |
|
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 |
|
Development of Affordable Homes (DAH)* |
$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
