Research & Reporting > State Fiscal Recovery Funds Dashboard > Bourne Mill III
Last Updated: 04.16.2024
Rhode Island Affordable Development Activities
Bourne Mill III
Tiverton
Developer: The Armory Revival Company
- Anticipated Completion Date: Q2 2024
- Total Units: 59 units
- Total Affordable Units: 59 units
- Affordability: 60% – 120% AMI
- Construction Status: 77% completed
Funding Sources and Amount:
| Sources | Amount |
| LIHTC Proceeds – 9% | $11,815,168 |
| Building Homes Rhode Island | $2,794,947 |
| Deferred Development Fee | $475,000 |
| Housing Production Fund | $177,285 |
| State Fiscal Recovery Fund (“SFRF”) | $1,600,000 |
| RIH First Mortgage | $4,175,000 |
| Seller Loan | $135,000 |
| Business Energy Investment Tax Credit | $229,479 |
| RI RNC Incentives & Rebates | $192,613 |
| Zero Energy for the Ocean State (“ZEOS”) | $250,000 |
| Renewable Energy Fund | $223,280 |
Total Development Cost: $22,067,772
SFRF Funds Expended To-Date: $1,600,000
Site visit: 03.19.2024
