Housing Project for Low-Income Seniors Honored
A Rhode Island affordable housing development designed for low-income seniors in and around North Smithfield has been recognized as one of the top projects in the country, and was recently honored by the Washington, D.C.-based Affordable Housing Tax Credit Coalition. The $20 million, 80-unit The Meadows is a two-story building offering one- and two-bedroom apartments to seniors at 50 percent of the area median income, running from $754 to $825 per month. The project was developed by the Woonsocket Neighborhood Development Corporation, one of the state’s affordable housing developers. It is one of the first projects in the country to combine federal housing tax credits with HUD Section 202 Supportive Housing for Elderly program as part of its financing.
The National Equity Fund syndicated The Meadows LIHT credits on behalf of a pool of 10 investors that included Fannie Mae, Freddie Mac, JP Morgan Chase, and Wells Fargo, among others. Additional funding came from Citizens Bank and Rhode Island Housing.