Rhode Island Affordable Development Activities
Park Holm V
Newport
Developer: Housing Authority of the City of Newport
- Anticipated Completion Date: Q1 2027
- Total Units: 45 units
- Total Affordable Units: 45 units
- Affordability: <30%, 60% and 80% AMI
- Construction Status: 9%
Funding Sources and Amount
| Sources | Amount |
|---|---|
| 4% LIHTC | $9,260,000 |
| PHA Production Fund* | $6,750,000 |
| PHA Pre-development Funds* | $250,000 |
| Capital Magnet Fund | $999,000 |
| Housing Trust Fund | $1,789,066 |
| RIH First Mortgage | $2,250,000 |
| Deferred Development Fee | $195,183 |
| HACN Capital Funds Loan | $874,417 |
- Total Development Cost: $22,367,666
- SFRF Funds Expended: $572,280
*Sources funded by the State Fiscal Recovery Funds (“SFRF”).
