Housing Projects In Providence Earn Tax Credits

Rhode Island – Rhode Island Housing announced that it has received federal tax credits for two developments to provide 107 affordable housing in the city of Providence. One project will be at Sankofa Apartments which will include 50 rental units at an affordable price on vacant land in the neighborhood of West Elmwood. The second project with 57 units will be built in the West End. The Sankofa Apartments, given by the West Elmwood Housing Development Corporation in partnership with Peregrine Group, earned $ 1,156 in tax credits, which according to Rhode Island Housing would generate more than $10.4 million in investment, in addition to the $ 9.6 million loan that the organization has.

Meanwhile the Phoenix Renaissance project , by the Omni Development Corporation, will receive a this tax credit of $ 787.196 which is expected to generate an investment of more than $ 7 million. Rhode Island Housing is also cooperating with a tax credit of $ 931,000 under its program of assistance and a loan of $ 5 million which also includes the renovation of Linwood Court I, Linwood Court II, and other properties that were of Advent House. The tax credits offered through Rhode Island Housing are from the Department of Housing and Urban Development of the United States and approved by the board of the Rhode Island Housing on February 20. A total of 13 projects competed for the tax credits.