Research & Reporting > State Fiscal Recovery Funds Dashboard > Summer Street Apartments
Last Updated: 08.14.2024
Rhode Island Affordable Development Activities
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”).
Site visit: 8.8.24
