RIHousing Investment to Revitalize Smithfield Brownfield Site
PROVIDENCE, RI – RIHousing’s Board of Commissioners today approved funding for Georgiaville Village Green, an $11 million, 42-unit family development that will be located in the historic Georgiaville Mill Village in Smithfield. The Board of Commissioners unanimously approved $837,000 in 2018 low-income housing tax credits (LIHTC), a first mortgage of $190,000, and a second mortgage of $379,000.
”Housing is the foundation of a strong economy and essential for healthy communities to thrive,” said Barbara Fields, Executive Director of RIHousing. ”Restoring this area will improve public health, protect the environment, and support our continuing efforts to increase the local supply of housing — as well as put Rhode Islanders to work.”
The site was formerly home to the Narragansett Gray Iron Foundry — a mill building that was demolished by a previous owner. Due to the previous mill activity, the site is classified as a brownfield site. Gemini Housing Corporation and Coventry Housing Associates Corporation, the developers for Georgiaville Village Green, have already begun remediation of the site.
The Georgiaville development will include 3 one-bedroom, 21 two-bedroom and 18 three-bedroom apartments located in nine buildings. The housing will be available to individuals and families earning less than 60% of the Area Median Income (AMI), or $43,260 for a family of four. Five of the units will be reserved for individuals and families with disabilities earning less than 30% AMI, or $24,600 for a family of four.
Other funding for this housing includes: a $750,000 loan from the Thresholds Program; $7,952,000 in private equity from the sale of 9% LIHTC; a $650,000 federal grant from the Community Development Block; a $62,000 grant from the Smithfield Housing Trust; a $200,000 grant from the Rhode Island Department of Energy Management; $906,000 in Acquisition and Rehabilitation Program funds; and a $15,000 grant from Housing Ministries.
Together with its partners, RIHousing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing uses 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 self-sustaining corporation and receives no state funding for operations.