Rhode Island Housing’s Board of Commissioners on Thursday morning approved financing packages for three new affordable housing developments: Palmer Pointe in Barrington, Maplewoods Apartments in Providence and Shannock Falls/Richmond Ridge, in Charlestown and Richmond.
The approvals include the following:
Palmer Pointe in Barrington, which will provide 46 affordable apartments at two locations, 40 apartments on Sowams Road and 6 units on three vacant lots at the Sweetbriar development in West Barrington. The board approved $919,472 in low-income housing tax credits (equaling $8.459 million in syndication equity), a $650,000 permanent loan, a $7.3 million, 24-month construction loan, and a $775,500 HOME loan.