The Hope Street Family Center in Woonsocket provides much-needed affordable childcare services for 110 children. This historic rehabilitation caps 12 years of redevelopment in Woonsocket by NeighborWorks Blackstone River Valley.
Bank of America provided over $6 million in loans and equity to the project, including a $4 million construction/bridge loan and nearly $2 million in State and Federal Historic Tax Credits. Additionally, Bank of America partnered with Local Initiatives Support Corporation (LISC) to provide $1.3 million in New Market Tax Credits. This transaction represents the first use in the nation of a New Market Tax Credit to fund a development involving a childcare facility.
LISC’s Rhode Island Child Care Facilities Fund also made an $850k low-interest loan to support the development.
Since 1995, LISC has invested over $30 million in grants, loans and equity investments in affordable housing and community real estate developments in Constitution Hill. |