ProJo: Projects in Burrillville, Providence win federal low-income housing tax credits

PROVIDENCE, R.I. -- Rhode Island Housing on Friday announced the three recipients of its 2015 federal low-income housing tax credit round, including a proposal from NeighborWorks Blackstone River Valley to build 96 new affordable homes at the Greenridge Apartments in Burrillville.

In addition to approving the financing plan for Greenridge Apartments, the Board of Commissioners on Thursday also awarded tax credits to the Revitalize SouthSide development in Providence and Amherst Gardens in Olneyville. Together, these developments will create or revitalize 185 homes in Rhode Island, representing a total investment of more than $47 million and supporting about 230 construction jobs.

Federal low-income tax credits are the principal federal program for the construction and rehabilitation of affordable apartments. The tax credits are a dollar-for-dollar credit against federal tax liability. Rhode Island Housing allocates the tax credits to developers of affordable apartments. Developers then sell the credits to investors, attracting private capital to investments in affordable homes.

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Courtesy of Providence Journal