Rhode Island Affordable Development Activities
Omni Newark
Providence
Developer: Omni Development Corporation
- Anticipated Completion Date: Q3 2027
- Total Units: 52 units
- Total Affordable Units: 52 units
- Affordability: 30-80% AMI
- Construction Status: 7%
Funding Sources and Amount
| Sources | Amount |
|---|---|
| RIH First Mortgage | $1,725,000 |
| 9% LIHTC | $12,380,645 |
| Capital Magnet Fund | $775,000 |
| HOME | $1,000,000 |
| Providence Housing Trust | $750,000 |
| Community Revitalization* | $1,251,861 |
| Middle Income Program* | $985,000 |
| Priority Projects Fund | $1,300,000 |
| Deferred Development Fee | $268,845 |
| Seller Loan | $1,400,000 |
- Total Development Cost: $ 21,836,351
- SFRF Funds Expended: $931,106.72
*Sources funded by the State Fiscal Recovery Funds (“SFRF”).
