Washington Hill Apartments - Lincoln, RI

Lincoln, RI Rhode Island Housing’s board of commissioners approved the refinancing of an $11.4 million mortgage for Washington Hill Apartments, ensuring that the development will remain affordable for at least 40 years.

“As an early adopter of HUD’s Federal Financing Bank Risk Sharing program, Rhode Island Housing has a new tool to help preserve affordable housing for decades to come,” said Barbara Fields, executive director of Rhode Island Housing.

Washington Hill Apartments is an elderly housing development that was originally financed by Rhode Island Housing in 1980. The development includes 121 affordable one and two-bedroom apartments. Using proceeds from the refinancing, Washington Hill Apartments will also finance energy retrofits and will make repairs to walls and sidewalks on the property. SHP Acquisitions, LLC will manage the planned rehabilitation of the development.

“Working with Rhode Island Housing, we were able to ensure that Washington Hill Apartments will remain affordable for seniors in Rhode Island,” said Andy Vamvakias, chief financial officer of SHP Acquisitions, LLC.

The refinancing was made possible by the U.S. Department of Housing and Urban Development’s (HUD) Risk Sharing program.

The board action marks the first time Rhode Island Housing has financed a development through the FFB Risk Sharing program. Rhode Island is the third state to be approved by HUD to use the program, after N.Y. and Mass.