Research & Reporting > State Fiscal Recovery Funds Dashboard > Parcel 9 Phase II, Providence
Last Updated: 4.4.25
Rhode Island Affordable Development Activities
Parcel 9 Phase II
Providence
Developer: Pennrose, LLC
- Anticipated Completion Date: Q2 2026
- Total Units: 61
- Total Affordable Units: 51
- Affordability: 30% -60% AMI
- Construction Status: 7% complete
Funding Sources and Amount:
| Funding Source | Amount |
|---|---|
| Acquisition Revitalization Program (ARP) | $1,750,000 |
| DAH-2* | $8,178,940 |
| Deferred Development Fee | $300,000 |
| ERA 2 | $4,400,000 |
| Housing Production Fund | $784,487 |
| LIHTC Proceeds | $8,999,100 |
| Middle Income Program* | $1,325,000 |
| Providence Revolving Loan | $400,000 |
| City HOME | $400,000 |
| Sponsor Loan (RIH Pre Dev) | $250,000 |
| Priority Projects Fund | $1,307,926 |
| RIH First Mortgage | $4,352,000 |
| Seller Loan | $90,276 |
- Total Development Cost: $32,537,729
- RIHousing-administered SFRF Funds Expended: $1,333,677
*Sources funded by the State Fiscal Recovery Funds (“SFRF”).
