Pennrose, Cove Homes, Inc., and project partners celebrated the grand opening of Soria, a brand-new, mixed-income housing community on Frenchtown Road in East Greenwich. The 63-unit development delivers affordable, middle-income, and workforce housing along with robust on-site amenities and wraparound supportive services.
The four-story building includes a mix of one- and two-bedroom apartments available at 30% to 120% of the Area Median Income (AMI), about $24,050 to $96,120 for a one-person household. Of the total units, 13 are available at 60% to 120% AMI, 24 at 60% AMI, and 26 at 30% AMI. The 30% AMI apartments are supported through a combination of Section 8 Project Based Vouchers from the East Greenwich Housing Authority and 811 Vouchers from RIHousing.
A key component of the development is the coordination of supportive services and programming (e.g. low-cost food delivery) to help promote stability, wellness, and connection among residents. While open to all, Soria addresses a local need by placing
a special emphasis on serving older adults and individuals with disabilities who often face housing barriers.
“We’re thrilled to support East Greenwich Housing Authority in achieving its vision of creating high-quality, affordable housing for the local community,” said Karmen Cheung, regional vice president at Pennrose. “Soria brings accessible, sustainable housing opportunities to help improve outcomes for families and seniors across the income spectrum.”
“As co-developers of Soria, we are thrilled that 63 individuals or families will have a clean, safe, affordable, and attractive place to call home,” said Ruth Feder, president at Cove Homes, Inc. “This has been a dream of Cove Homes, Inc. for almost 10 years. Among other features of Soria, the accessible and fully ADA compliant apartments will ensure residents with disabilities are able to remain in their homes and are connected to services.”
The high-quality apartments feature open floor plans with oversized windows; fully-equipped modern kitchens; spacious closets; ceramic-tiled baths; and central A/C. Residents will also have access to a full menu of shared community amenities, including an inviting resident lounge; fitness center; laundry facilities; outdoor picnic area; bike storage; storage lockers; free Wi-Fi; professionally landscaped grounds; and more. Universal Design principles were followed to ensure accessibility.
The sustainable community was designed to meet ENERGY STAR, National Grid Tier II, and Zero Energy Ready Homes standards. The building incorporates resilient materials and low-impact design principles to ensure an efficient, durable, and affordable building. Solar PV and additional renewable sources will cover the common area energy usage for the building, further reducing Soria’s carbon footprint.
“Welcoming residents into their brand-new homes and witnessing the start of a new chapter for their families is incredibly rewarding,” added Marsha Blunt, president of Pennrose Management Company. “We look forward to fostering a welcoming, vibrant community where all residents have the tools, resources, and support they need to flourish.”
Soria was developed with the shared vision to provide quality, affordable housing in an area with limited rental options. Currently, less than 5% of East Greenwich’s housing stock is restricted as affordable. With the rising costs of living and the limited housing stock, many low- and moderate-income households struggle to find stable housing in East Greenwich and the surrounding Rhode Island communities. Seniors and individuals with disabilities have an especially hard time finding accessible, affordable housing on the market, due to both the slow rate of new construction and the need for on-site service delivery.
The project utilized both 4% and 9% Low-Income Housing Tax Credits (LIHTC). Additional financing for the project was provided by: CREA as LIHTC syndicator on both the 9% and the 4% projects, Citizen’s Bank as the investor and construction lender for the 9%
project, and several sources from Rhode Island Housing; HOME, Housing Trust Fund, Housing Production Fund, Rhode Island Rebounds Fund, and tax-exempt construction-period financing for the 4% project. Rhode Island Executive Office of Housing’s Building Homes Rhode Island Fund also supports both LIHTC projects and Cove Homes was awarded a federal earmark through the THUD’s Community Project Fund to benefit the 4% project.
With a regional headquarters in Boston, Pennrose is proud to deliver high-quality, affordable housing across the New England region. Most recently, Pennrose celebrated
the grand opening of Tempo and the groundbreaking of Tandem, the two-phase transformation of a I-195 District parcel into a mixed-use, mixed-income community in Providence, Rhode Island.
