RIHousing announced the issuance of $73.6 million of new bonds, the first ‘Sustainability Bonds’ to be offered by the agency. The sale of the bonds will fund the acquisition and rehabilitation of 752 rental homes for low- and moderate-income Rhode Islanders.
RIHousing will disburse the bond proceeds and has already identified housing developments that will utilize the funding to incorporate green and energy efficient building practices into rental properties. Multifamily developments are located in Newport (Harbor House), North Providence (Centredale Manor and Mineral Spring Gardens), Pawtucket (Prospect Heights III) and Woonsocket (Trio Partners). The majority of units are required to serve extremely low-income households with incomes at or below 30 percent of area median income. Units at four of the developments (Harbor House, Mineral Spring Gardens, Trio Partners and Centredale Manor) are expected to be occupied exclusively by elderly or disabled tenants or tenants age 62 or older.
Selected developments will undergo rehabilitation to incorporate one or more energy efficiency standards and features. These standards are designed to ensure that the housing units are economical, comfortable, durable, healthy, energy efficient and attractive. Work may include the installation of energy efficient windows, LED lighting and Energy Star appliances, upgraded unit and common area ventilation and exhaust, Virtual Net Metering to offset 100 percent of a building’s electric costs and water conservation features.
