Cumberland, RI According to Bank Rhode Island (BankRI), its commercial real estate division has provided financing to Valley Affordable Housing Corp. for their renovation project at Ashton Village. BankRI provided a total of $1.7 million to the project, with a $1.3 million permanent Affordable Housing Program (AHP) commercial loan and a $400,000 AHP direct subsidy.
Ashton Village is a 53-unit complex that offers affordable housing to area residents. The project is scheduled to be completed this summer.
The property is managed by Valley Affordable Housing Corp., a nonprofit organization committed to the development of diverse types of housing that provide safe and affordable living accommodations for low, moderate, and middle-income residents.
“As a local Bank, we are always looking for opportunities to work with customers that focus on increasing the amount of affordable housing right here in our own communities,” said Andrew Deluski, who facilitated the transaction and serves as vice president, senior business lender, commercial real estate for BankRI.