Research & Reporting > State Fiscal Recovery Funds Dashboard > Summer Street Apartments
Last Updated: 08.14.2024
Summer Street Apartments
Providence
Developer: Crossroads Rhode Island
- Anticipated Completion Date: Q1 2026
- Total Units: 176
- Total Affordable Units: 176
- Affordability: <30% AMI
- Construction Status: 19% complete
Funding Sources and Amount:
Source | Amount |
RIH First Mortgage | $10,450,000 |
RIH HOME Loan | $1,500,000 |
Capital Magnet Fund | $1,000,000 |
Building Homes Rhode Island | $4,000,000 |
Development of Affordable Homes* | $2,500,000 |
DAH-2* | $4,000,000 |
Community Revitalization* | $1,900,000 |
Providence Redevelopment Agency | $2,500,000 |
LIHTC Proceeds | $37,884,471 |
Providence HOME | $1,000,000 |
Federal Earmark | $2,000,000 |
FHLB Affordable Housing Program | $650,000 |
State ARPA | $10,000,000 |
Sponsor Loan | $1,104,440 |
NEF Equity | $1,177,021 |
General Partner Capital | $782,627 |
Deferred Development Fee | $1,500,000 |
Total Development Cost: $83,948,559
RIHousing-administered SFRF Funds Expended: $3,813,724
* Sources funded by the State Fiscal Recovery Funds (“SFRF”).
![Summer Street Apartments Rendering - for web rendering of affordable apartment in providence, ri](https://www.rihousing.com/wp-content/uploads/Summer-Street-Apartments-Rendering-for-web.jpg)
![Summer Street Apartments 6.27.24 Affordable apartment under construction](https://www.rihousing.com/wp-content/uploads/Summer-Street-Site-Visit-8.8.24.jpg)
Site visit: 8.8.24