SFRF Development – Millrace District, Woonsocket

Last Updated: 06.11.26
Millrace-District-Rendering
Site visit: 08.2025

At the gateway to downtown Woonsocket, three historic mill buildings have been transformed into the Millrace District, a mixed-use development that brings new life to the city’s industrial past. Developed by NeighborWorks Blackstone River Valley, the project created 70 live/work homes along the Blackstone River within the former Woonsocket Rubber Company and Island Machine Co. buildings, both listed on the National Register of Historic Places.


Millrace includes 55 apartments affordable to households earning up to 60% of Area Median Income, including 11 homes supported by RIHousing Section 811 vouchers for residents with disabilities. Ground-floor commercial and community spaces further support economic activity and neighborhood connection.


Funded through a combination of State Fiscal Recovery Funds and federal Low-Income Housing Tax Credits administered by RIHousing, Millrace has transformed formerly blighted properties into a vibrant community asset that expands affordable housing while supporting local businesses, artists, and residents.

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: 97% completed

Funding Sources and Amount:

SourcesAmount
Acquisition Revitalization Program (ARP) $975,000
Building Homes Rhode Island $2,949,401
Capital Magnet Fund $100,000
DAH-1* $1,419,000
DAH-2*$4,000,000
Community Revitalization Program*$500,000
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

Rhode Island Housing Subsidiary Corporations and Affiliates

Rhode Island Housing Subsidiary Corporations

  • Rhode Island Housing Development Corporation (occasionally LLCs are established with the Development Corporation as sole general partner on multifamily properties that RIHousing has taken over.)
  • Rhode Island Housing Equity Corporation
  • Rhode Island Housing Equity Pool II, L.P.
  • Rhode Island Housing Equity Pool, L.P.
  • University Heights Housing Corporation

Rhode Island Housing Affiliates

  • Affordable Housing Trust

These are not RIHousing entities, but we have a general partner capacity in each:

  • Ashley Estates Limited Partnership – RIH Equity Corp. is general partner
  • Erik Estates Limited Partnership – RIH Equity Corp. is general partner
  • Mohican Limited Partnership – RIHDC is general partner
  • Phebe Street Associates, L.P. – RIHDC is general partner
  • University Heights Apartments, L.P. – University Heights Housing is general partner

Mission Statement

RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs. A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.

To achieve our mission we:

  • Offer fair, affordable and innovative lending programs.
  • Provide housing related education to consumers and others.
  • Promote and finance sensible development that builds healthy, vibrant communities.
  • Provide housing grants and subsidies to Rhode Islanders with the greatest need.
  • Team up with partners to improve everything we do

RIHousing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.

Healthy Housing, Healthy Communities (H3C) Initiative

RIHousing Healthy Housing, Healthy Communities (H3C) Plan
Rhode Island Health and Housing Tool Kit
Rhode Island Health and Housing Took Kit – Appendix A-K

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