LISC Hits the Ground Running…

Greenridge Commons site rendering
Greenridge Commons site rendering
It has only been 3 weeks since LISC committed to investing $25 million to spur economic activity in Rhode Island (read press release here), but we’ve hit the ground running, with $1,345,000 out the door. Among projects funded were a $795,000 predevelopment loan to Neighborworks Blackstone River Valley (NBRV), and a $100,000 zero interest predevelopment loan to OMNI Development Corporation.

The loan to NBRV will support their efforts to build Greenridge Commons, a development of 96 new affordable homes on two sites in Burrillville’s Pascoag Village. In addition to creating much needed affordable housing, this vital project will provide approximately 125 construction jobs over the next 3 years and is expected to lead the revitalization of downtown Pascoag by providing over 8,000 square feet of commercial space.

The zero interest predevelopment loan to OMNI will help jumpstart their work to rehabilitate Prospect Heights in Pawtucket, the state’s second oldest affordable housing site, built in 1942. OMNI will work in collaboration with the Pawtucket Housing Authority and Winn Development Corporation LLC on this project which is expected to generate as many as 300 construction related jobs. Renovations will run the gamut from replacement of doors, windows and heating systems to improved aesthetics that enhance the overall character of the neighborhood. Most importantly, by replacing all elements that have reached the end of their useful life; safe, decent, affordable housing will be preserved.

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