Rhode Island Affordable Development Activities 

Millrace District

Woonsocket

Developer: NeighborWorks Blackstone River Valley

  • Anticipated Completion Date: Q4 2025
  • Total Units: 70 units
  • Total Affordable Units: 55 units
  • Affordability: 30%-60% AMI
  • Construction Status: 26% completed

Funding Sources and Amount:

Sources Amount
Acquisition Revitalization Program (ARP)  $975,000
Building Homes Rhode Island  $2,949,401
Capital Magnet Fund  $100,000
State Fiscal Recovery Fund (“SFRF”)  $5,919,000
Deferred Development Fee  $1,172,631
Fed. Historic Tax Credit Proceeds  $4,976,425
General Partner Capital  $100
Housing Production Fund  $1,000,310
Housing Trust Fund  $1,745,430
LIHTC Proceeds – 9%  $10,522,013
RIH First Mortgage  $1,350,000
RIH HOME Loan  $2,000,000
Sponsor Loan  $1,827,185

Total Development Cost: $34,537,495

SFRF Funds Expended To-Date: $5,919,000

Rendering of new affordable development
Development under construction

Site visit: 03.12.2024