February 17, 2015 - Providence, RI: Rhode Island Housing’s Board of Commissioners approved funding for an important development in Providence's West End neighborhood. Sankofa Apartments, which is being developed by West Elmwood Housing Development Corporation (WEHDC) in partnership with the Peregrine Group, received firm approval for $1.17 million in federal Housing Tax Credits, a $378,000 First Mortgage through Rhode Island Housing, and a $9.6 million Revolving Construction Loan from Rhode Island Housing.
This important development will renovate 9 vacant lots into 50 affordable family apartments in 11 buildings. Plans also call for the construction of a community facility to be used for agricultural education, job training and urban farming. The proposal also includes an environmental remediation plan that has been approved by the Rhode Island Department of Environmental Management to address contaminated soil on the lots.
The development site is located between Elmwood Avenue and Dexter Street where it will build on WEHDC’s existing investments in the neighborhood. Based on estimates developed by the National Association of Homebuilders, we calculate that the construction of Sankofa Apartments will result in $9.3 million in income for Rhode Island business owners and workers and $1.6 million in taxes and public revenue. The construction of the property will directly support 54 jobs.
This is good news for West Elmwood – and all Rhode Islanders.