Research & Reporting > State Fiscal Recovery Funds Dashboard > Frenchtown Road
Last Updated: 2.10.2025
Rhode Island Affordable Development Activities
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: 86% completed
Funding Sources and Amount:
| Sources | Amount |
| Building Homes Rhode Island | $6,211,442 |
| Housing Production Fund | $1,911,500 |
| Housing Trust Fund | $1,781,552 |
| LIHTC Proceeds – 9% | $9,431,976 |
| State Fiscal Recovery Fund (“SFRF”) | $1,970,875 |
| RIH First Mortgage | $4,699,100 |
| RIH HOME Loan | $1,336,164 |
| Energy Rebates | $10,909 |
| THUD | $2,014,091 |
| Sponsor Loan/Deferred Fee | $500,000 |
Total Development Cost: $29,867,609
SFRF Funds Expended To-Date: $1,970,875
Site visit: 2.5.25
