Research & Reporting > State Fiscal Recovery Funds Dashboard > Bourne Mill III
Last Updated: 08.14.2024
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: 47 units
- Affordability: 60% – 120% AMI
- Construction Status: 97% 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
![bourne mill iii rendering rendering of affordable development in tiverton](https://www.rihousing.com/wp-content/uploads/bourne-mill-iii-rendering.jpg)
![Bourne-Mill-2024.03.19-Site-Visit Building under construction](https://www.rihousing.com/wp-content/uploads/Bourne-Mill-III-Site-Visit-5.28.2024.jpeg)
Site visit: 05.28.2024