Rhode Island Affordable Development Activities
Lippitt Mill
West Warwick
Developer: Marathon Development, LLC
- Anticipated Completion Date: Q1 2027
- Total Units: 71 units
- Total Affordable Units: 71units
- Affordability: <60% AMI
- Construction Status: 11%
Funding Sources and Amount
| Sources | Amount |
|---|---|
| 4% LIHTC | $8,045,479 |
| State LIHTC | $3,132,350 |
| Predevelopment Fund* | $250,000 |
| RI Rebuild | $2,120,282 |
| Fed. Historic Tax Credit Proceeds | $4,287,066 |
| Third Party Lender | $4,285,000 |
| Deferred Development Fee | $571,818 |
| Insurance Credit | $310,000 |
Total Development Cost: $23,001,994
*Sources funded by the State Fiscal Recovery Funds (“SFRF”). This project received site acquisition and/or predevelopment SFRF funds that have advanced to development financing.
