Rhode Island Affordable Development Activities
The Flynn
Providence
Developer: Marathon Development LLC
- Anticipated Completion Date: Q2 2026
- Total Units: 178 units
- Total Affordable Units: 178 units
- Affordability: 30 -80% AMI
- Construction Status: 97%
Funding Sources and Amount
| Sources | Amount |
|---|---|
| Deferred Development Fee | $6,202,029 |
| Other Equity | $200 |
| Predevelopment* | $250,000 |
| PVD ARPA | $5,500,000 |
| Rate Lock Deposit | $369,560 |
| Third Party Lender | $18,478,000 |
| 4% LIHTC | $31,976,939 |
| Capital Magnet Fund | $999,000 |
| ERA 2 | $10,470,000 |
| PRA-Bond | $2,500,000 |
- Total Development Cost: $76,745,728
*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.
