Extensive Renovations Work Completed at Colonial Village in North Smithfield

North Smithfield, RI  – U.S. Rep. David Cicilline and Town Administrator Paulette Hamilton joined Cathedral Development Group, Inc., Property Advisory Group, Inc., the United States Department of Agriculture, Washington Trust, Rhode Island Housing and their community partners today to celebrate the renovation and preservation 75 homes in North Smithfield.

Located in North Smithfield, Colonial Village has been home to seniors and individuals with disabilities since the early 1980s. Colonial Village Associates, LP, recently purchased the property, and in doing so was able to complete $1.2 million in improvements and preserve the development’s affordability for another 40 years.

“As more and more Rhode Islanders struggle with reduced income and increased expenses, it is imperative that we ensure safe, healthy and affordable homes,” said Cicilline. “The renovations at Colonial Village have updated and preserved homes but, more importantly, the improvements will help enhance the lives of the people living there for years to come.”

Several partners came together to ensure that the homes at Colonial Village remain safe, healthy and affordable. The primary source of financing was a 30-year tax-exempt first mortgage from Rhode Island Housing. Other sources of funding included syndication equity from Westerly-based Washington Trust, Rhode Island’s largest independent bank, as well as rental assistance and additional financing from the United States Department of Agriculture and existing project reserves.

“Washington Trust is proud to be a part of the Colonial Village renovation,” said Joseph MarcAurele, Chairman, President and Chief Executive Officer of Washington Trust.  “As a Rhode Island bank we pride ourselves on investing in programs that benefit our state and local communities.  This is a small way that we can make a big difference in the lives of our neighbors.”

“Several partners joined together to improve these homes and ensure they remain affordable and enhance the lives of the people who live here as well as the surrounding community,” said Richard Godfrey, Executive Director of Rhode Island Housing. “We thank Washington Trust for taking a leadership role and purchasing housing credits. This purchase was key to completing the renovation of Colonial Village quickly, and it has allowed us to continue our work of providing safe, healthy homes that all Rhode Islanders can afford.

“Washington Trust is the first local bank to become directly involved in the underwriting of a housing credit development by both lending to it and investing in its individual housing credits,” added Godfrey.

Washington Trust has since helped finance the preservation and renovation of Douglas Manor, another Cathedral Development Group, Inc. and Property Advisory Group development.

About Rhode Island Housing:
Rhode Island Housing is a self-sustaining public agency, which generates its own operating income, without state funding. Everything the agency earns is reinvested to meet the needs of the state. Together with its partners, the agency works to ensure that all people who live and work in Rhode Island can afford a safe, healthy home that meets their needs. Rhode Island Housing provides low-interest loans, grants, education, advocacy and consumer counseling to help its customers rent, buy and retain their homes. It also offers special programs to ensure that these homes are safe and healthy.