PROVIDENCE — Rhode Island Housing's Board of Commissioners on Thursday approved financing for affordable housing developments in Cumberland, Newport's North End, the Olneyville neighborhood in Providence and Pascoag village in Burrillville.

Posted by Wayne G. Barber

PROVIDENCE — Rhode Island Housing's Board of Commissioners on Thursday approved financing for affordable housing developments in Cumberland, Newport's North End, the Olneyville neighborhood in Providence and Pascoag village in Burrillville.

The proposals were all approved unanimously:

— Greenridge Apartments, a 96-unit development in Pascoag planned by NeighborWorks Blackstone River Valley, was approved for a first mortgage up to $1,735,180. The board also reserved $1,072,000 in 2015 9-percent low-income housing tax credits, and OK'd a "forward reservation" of the same amount in 2016 and or 2017 credits.

At the end of the meeting, the board went into executive session to conduct a performance review of Executive Director Barbara Fields, who was hired last year at a salary "comparable" to that of her predecessor (an annual base pay of $180,250). The board then approved a 3 percent salary increase for Fields. 

The proposal for the $28 million Greenridge Apartments includes the development of 96 new affordable homes on two sites in Burrillville’s Pascoag Village. Seventy-five townhouse apartments, named Greenridge Commons, will be built on nine acres on South Main Street. About one mile away, in the commercial center of Pascoag Village, the Greenridge Downtown development will include 21 second- and third-floor apartments in three mixed-use buildings. There will be a mix of one-bedroom, two-bedroom and three bedroom homes.

The Greenridge development is expected to generate about 125 construction jobs over the estimated three-year building process. The Greenridge Downtown apartments are expected to help initiate a revitalization of the center of Pascoag with more than 8,000 square feet of new commercial space located on the ground level.

With the development of Greenridge Apartments, Burrillville will reach its goal of ensuring that 10 percent of its housing stock is affordable. In addition, the development of Greenridge Commons will preserve 116 acres through a conservation easement.

Rhode Island Housing’s financing for the development includes $1,072,000 in 2015 9% Housing Tax Credits, a forward commitment of $1,072,000 in 2016 or 2017 tax credits, and a first mortgage of $1.9 million. Bank of America is slated to purchase the tax credits awarded to the Greenridge Apartments, representing a $20 million private investment in the project.