SFRF Development – Ralph R aRusso Manor, Johnston

Last Updated: 04.22.26
Ralph-aRusso-Manor-Site-Visit-6.25.25
Site Visit:6.25.2025

Rhode Island Affordable Development Activities 

Ralph R aRusso Manor

Johnston

Developer: Rosemont Associates, Inc.

  • Anticipated Completion Date: Q1 2025
  • Total Units: 22
  • Total Affordable Units: 22
  • Affordability: 50% AMI
  • Construction Status: 100% complete

 Funding Sources and Amount:

SourcesAmount
RIH First Mortgage$650,000
Capital Magnet Fund$400,000
DAH-2*$2,100,000
Preservation Loan Fund Program$660,000
Assumed Debt (Rollover)$237,166
Existing Reserves$46,234

Total Development Cost: $4,093,400

SFRF Funds Expended: $2,023,178

* Sources funded by the State Fiscal Recovery Funds (“SFRF”).

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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