SFRF Development – Penny Lane, Warren

Last Updated: 04.22.26
Penny Lane Rendering

Rhode Island Affordable Development Activities

Penny Lane

Warren
Developer: East Bay CDC

  • Anticipated Completion Date: Q1 2028
  • Total Units: 40 units
  • Total Affordable Units: 40 units
  • Affordability: 30-60% AMI
  • Construction Status: 0% completed

Funding Sources and Amount:

SourcesAmount
9% LIHTC$10,798,926
State LIHTC$4,682,274
Housing Production Fund$1,097,392
RIH First Mortgage$1,975,000

  • Total Development Cost: $18,553,592

*Sources funded by the State Fiscal Recovery Funds (“SFRF”). This project received site acquisition and/or predevelopment SFRF funds that have advanced to development financing.

 

Rhode Island Housing Subsidiary Corporations and Affiliates

Rhode Island Housing Subsidiary Corporations

  • Rhode Island Housing Development Corporation (occasionally LLCs are established with the Development Corporation as sole general partner on multifamily properties that RIHousing has taken over.)
  • Rhode Island Housing Equity Corporation
  • Rhode Island Housing Equity Pool II, L.P.
  • Rhode Island Housing Equity Pool, L.P.
  • University Heights Housing Corporation

Rhode Island Housing Affiliates

  • Affordable Housing Trust

These are not RIHousing entities, but we have a general partner capacity in each:

  • Ashley Estates Limited Partnership – RIH Equity Corp. is general partner
  • Erik Estates Limited Partnership – RIH Equity Corp. is general partner
  • Mohican Limited Partnership – RIHDC is general partner
  • Phebe Street Associates, L.P. – RIHDC is general partner
  • University Heights Apartments, L.P. – University Heights Housing is general partner

Mission Statement

RIHousing strives to ensure that all people who live or work in Rhode Island can afford a healthy, attractive home that meets their needs. A good home provides the foundation upon which individuals and families thrive, children learn and grow, and communities prosper.

To achieve our mission we:

  • Offer fair, affordable and innovative lending programs.
  • Provide housing related education to consumers and others.
  • Promote and finance sensible development that builds healthy, vibrant communities.
  • Provide housing grants and subsidies to Rhode Islanders with the greatest need.
  • Team up with partners to improve everything we do

RIHousing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a privately funded public purpose corporation.

Healthy Housing, Healthy Communities (H3C) Initiative

RIHousing Healthy Housing, Healthy Communities (H3C) Plan
Rhode Island Health and Housing Tool Kit
Rhode Island Health and Housing Took Kit – Appendix A-K

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