RIHousing arranges $12 million refinancing for Saint Elizabeth Place

August 11, 2017 - Rhode Island

Providence, RI RIHousing’s board of commissioners extended the affordability of 149 senior apartments for 40 years with the approval of $12 million in taxable refinancing for Saint Elizabeth Place, a housing development for elderly and handicapped individuals. 

“Rhode Island is facing a serious housing shortage – according to a study commissioned by RIHousing, our state will need about 35,000 additional homes over the next ten years. In particular, we project a shortfall in senior housing, as that segment of our population continues to grow,” said Barbara Fields, executive director of RIHousing. “Today’s approval ensures that much-needed homes for seniors are preserved at Saint Elizabeth Place, which has a stellar reputation for providing quality senior housing.”

Saint Elizabeth Place has a total of 149 apartments, all of which are subsidized through funding that provides rental assistance to residents. The current contract was set to expire in 2023. As part of this refinancing, the developer will renew the contract for 20 years and will execute a new 40-year affordability agreement.

The property is self-managed by Saint Elizabeth Community, a non-profit corporation that provides residential apartments for independent seniors, assisted living, home care services, a skilled nursing facility and adult day care at 12 locations in Rhode Island.

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