McKee Administration Announces Nearly $72 Million in Funding to Build and Preserve 332 Homes Across Rhode Island

PROVIDENCE, R.I. — Today, Governor Dan McKee, the Executive Office of Housing, and RIHousing announced the approval of nearly $72 million in the first wave of awards from the state’s most recent consolidated funding round. The funding, including $31 million in voter-approved bond resources, will support the production and preservation of 332 homes across Rhode Island, 308 of which will be affordable. 

“This first round of funding is turning momentum into meaningful results for Rhode Island,” said Governor Dan McKee. “By putting these resources to work, including significant bond funding from Rhode Island’s historic housing bond, we are creating more affordable homes, strengthening communities, and continuing to build a housing pipeline that meets the needs of Rhode Islanders today and into the future.” 

The announcement follows the April meeting of the RIHousing Board of Commissioners and marks the first step in deploying more than $113 million made available through the latest consolidated funding round, which was open for applications from October to December 2025. The remaining funds will be distributed through a second round, expected to open in May, with approximately $40 million available to support continued housing production and preservation efforts. 

“Today’s awards show continued progress in our efforts to expand housing options across Rhode Island,” said Secretary of Housing Deborah Goddard. “They highlight a focused, thoughtful, and strategic approach to putting resources to work where they can have the greatest impact. With additional funding set to be available later this spring, we will keep moving forward to deliver more homes that Rhode Islanders can afford.” 

“RIHousing continues to bring together multiple funding sources to assist in structuring the complex financing needed to make affordable housing development possible,” said Carol Ventura, CEO & Executive Director of RIHousing. “We were encouraged by the strong interest in this consolidated round and are proud to support high-quality projects that will create and preserve homes for Rhode Islanders around the state.”   

Awarded developments include: 

• Champagne Heights, South Kingstown Housing Authority & Women’s Development Corporation, South Kingstown: Received $20,491,274 for the new construction of 85 homes, including 81 affordable units, through a multi-phase redevelopment. 
• The Paddock Phase I, The Arc of Blackstone Valley, Pawtucket: Received $11,390,918 for the new construction of 49 affordable homes as part of a larger multi-phase redevelopment of a former Narragansett Park racetrack site. 
• Newport Heights Phase I, Trinity Newport, Newport: Received $3,979,584 for the preservation and rehabilitation of the 81-unit development, including 72 affordable units, originally built in 2003. 
• Residences at 322 Washington, Lincoln Capital Acquisition, Providence: Received $11,491,918 for the new construction of 51 affordable homes on a vacant lot in the Federal Hill neighborhood. 
• 183 Washington Street, Women’s Development Corporation, West Warwick: Received $14,946,789 for the adaptive reuse of the long-vacant former Ocean State Furniture building to create 30 Permanent Supportive Housing (PSH) units for individuals experiencing or at risk of homelessness. 
• Wunnaunt Apartments, Mt. Hope Community Center & Omni Development Corporation, Providence: Received $4,167,966 for the new construction of 12 affordable homes supporting the advancement of health equity and community development in the Mount Hope neighborhood and surrounding areas. 
• 55 Pine Street, 51 Pine St LLC, Providence: Received $2,011,092 for the adaptive reuse of a historic downtown Providence building, currently vacant office space, to create 24 homes, including 13 affordable units. 

Additionally, West End III (Women’s Development Corporation, Providence), which previously received funding through an earlier consolidated round, was awarded an additional $3,250,000 in this round to support the preservation of 47 affordable homes, which otherwise would not have been possible.  

The awards announced today combine federal and state resources, including federal 9% Low-Income Housing Tax Credits (LIHTC) as well as federal 4% LIHTC, State Low-Income Housing Tax Credits, bond funding, and gap financing. 

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