Preservation of Affordable Housing closes on financing to renovate Hillside Village
PROVIDENCE – The R.I. Housing and Mortgage Finance Corp. and the nonprofit Preservation of Affordable Housing have closed on financing for the second-stage tax credit recapitalization of Hillside Village, a 42-unit affordable-housing apartment complex in Providence.
The closing represents two years of predevelopment, underwriting, design, energy modeling and structuring of financing, including the addition of a $2.5 million Green Resilient Retrofit Program Leading Edge award from the U.S. Department of Housing and Urban Development in 2024 that will fund removal of gas-powered equipment, electrification of buildings, installation of a variable refrigerant flow system for heating, cooling and improved ventilation, rooftop solar arrays, an improved building envelope with added insulation, new siding, windows and roof replacement, according to a news release.