Research & Reporting > State Fiscal Recovery Funds Dashboard > Parcel 9, Phase I
Last Updated: 10.18.2024
Rhode Island Affordable Development Activities
Parcel 9, Phase I
Providence
Developer: Pennrose, LLC
- Anticipated Completion Date: Q4 2024
- Total Units: 66 units
- Total Affordable Units: 44 units
- Affordability: 30% – 120% AMI, market rate
- Construction Status: 93% completed
Funding Sources and Amount:
| Sources | Amount |
| Affordable Housing Trust | $1,230,880 |
| Building Homes Rhode Island | $7,035,005 |
| DAH-2* | $100,000 |
| Housing Production Fund | $676,574 |
| LIHTC Proceeds | $12,087,537 |
| City PRA | $2,900,000 |
| City of Providence HOME | $400,000 |
| Deferred Developer Fee | $900,000 |
| MM Account Contribution | $200 |
| FHLB-B | $650,000 |
| Energy Rebates | $25,000 |
| Seller Loan | $99,724 |
| RIH First Mortgage | $3,391,169 |
| RIH HOME Loan | $1,217,478 |
Total Development Cost: $30,713,567
*SFRF Funds Expended To-Date: $0
Site Visit: 10.3.2024
