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State of Rhode Island Governor Dan McKee

Governor McKee, Rhode Island Department of Housing Announce First-Ever State Low-Income Housing Tax Credits, Awarding $27M for Affordable Housing Developments

Published on Thursday, May 01, 2025

PROVIDENCE, RI — Governor Dan McKee and Rhode Island Secretary of Housing Deborah Goddard today announced the inaugural recipients of the State Low-Income Housing Tax Credit (SLIHTC), a new initiative designed to incentivize private developers to invest in the creation and preservation of over 500 affordable housing units across the state.

“This is a historic step forward in our work to make Rhode Island more affordable for everyone,” said Governor Dan McKee. “By awarding the first-ever State Low-Income Housing Tax Credits, we’re leveraging private investment to deliver real, long-term solutions to our housing challenges. These awards will help build and preserve hundreds of affordable homes across the state—homes that will give Rhode Islanders the stability and opportunity they deserve.” The Governor added that these latest investments in housing are another example of Rhode Island's long-term strategic plan, RI 2030, in action.

The announcement was made at The Flynn in Providence, one of six projects selected to receive SLIHTC awards. This marks a historic milestone in Rhode Island’s efforts to address its housing crisis through strategic public-private partnerships. 

“Rhode Island has a severe housing shortage across all price points, and our residents of lower incomes are being disproportionately impacted. I am pleased to see the awarding of the first State Low Income Housing Tax Credits for affordable housing that our state sorely needs, and am grateful to the Department of Housing, RIHousing, and our partners across government for working to deploy these funds,” said Speaker of the House K. Joseph Shekarchi and Senate President Valarie J. Lawson.

A total of $27.2 million in SLIHTC funding has been awarded to six development projects across six municipalities: Central Falls, Cumberland, East Providence, Providence, West Warwick, and Westerly. This investment will support the construction of over 500 new affordable housing units and the preservation of 30 existing units, advancing the McKee Administration’s commitment to expanding housing access and building a more affordable Rhode Island.

“State investment such as SLIHTC is critical to achieving our housing production goal of 15,000 units by 2030,” said Secretary Deborah Goddard. “The developments supported by this funding will serve as a catalyst for future growth and revitalization. These awards represent a significant investment in our state’s infrastructure and the well-being of our communities.”

“We need to take advantage of all tools and resources at our disposal to address our housing inventory challenges,” said Carol Ventura, Executive Director of RIHousing. “State LIHTC is the newest tool in the toolkit, one that allows us to fill financing gaps in the deals that come through the door. We look forward to continuing to work with the Department on deploying the balance of State tax credits and partnering on the deployment of the state bond funds.”

Projects receiving SLIHTC awards are:

The Flynn  

  • Developer: Marathon Development, LLC.
  • Municipality: Providence
  • Allocation: $ 2,600,525  
  • Project Type: New Production
  • Total Units: 178 units – all at or below 80% AMI

ProJo Apartments  

  • Developer: Standard Communities 
  • Municipality: Providence
  • Allocation: $6,889,194  
  • Project Type: New Production
  • Total Units: 115 units – 25 at or below 30% AMI, 90 between 31%-80% AMI 

Lippitt Mill 

  • Developer: Marathon Construction, LLC. 
  • Municipality: West Warwick 
  • Allocation: $4,405,405  
  • Project Type: New Production 
  • Total Units: 68 units – 8 at or below 30% AMI, 60 between 31%-80% AMI

East Point – Woodward  

  • Developer: Valley Affordable/Aldersbridge
  • Municipality: East Providence/Cumberland 
  • Allocation: $2,655,062  
  • Project Type: New Production/Preservation
  • Total Units: 69 units (39 new) (30 preserved) – 15 at or below 30% AMI, 54 between 31%-80% AMI

School Street 

  • Developer: Central Falls Affordable Housing 
  • Municipality: Central Falls
  • Allocation: $4,723,355  
  • Project Type: New Production 
  • Total Units: 58 units – 12 at or below 30% AMI, 46 between 31%-80% AMI

South Point Commons  

  • Developer: Connolly and Partners, LLC
  • Municipality: Westerly
  • Allocation: $6,023,385  
  • Project Type: New Production 
  • Total Units: 72 units – 16 at or below 30% AMI, 34 between 31%-80% AMI, 16 between 81%- 120% AMI, 6 market rate