Research & Reporting > State Fiscal Recovery Funds Dashboard > Millrace District
Last Updated: 08.14.2024
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: 40% 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
Site visit: 03.12.2024
