East Greenwich Affordable Housing Project Breaks Ground

Representatives from the Housing Authority of the Town of East Greenwich (EGHA), BankNewport, the Federal Home Loan Bank of Boston, and the Rhode Island Housing Resources Commission were among the group that recently gathered at 2880 South County Trail in East Greenwich to break ground on a new affordable housing development project.     

Ten rental units of town house style homes, featuring two and three bedroom units, will be built and occupied by income-qualified households.  The project is funded by BankNewport, through its membership in the Federal Home Loan Bank of Boston and the Rhode Island Housing Resources Commission. 

“It’s been nearly 20 years since the Authority did any new construction, so this project has been long anticipated,” stated EGHA Executive Director, Marcia Sullivan.  “It’s especially gratifying for the local Housing Commissioners who have volunteered for this Board for ten years or longer.”

The new homes will be built as two separate buildings with five units in each.  The front of both buildings will feature a single-story, handicapped-accessible unit, with four two-story units positioned behind. Fencing will be positioned around the property perimeter and the resident parking lot will comprise 18 spaces.  The homes will be located less than a quarter mile from Camp Fogarty, the Rhode Island Army National Guard training center, as well as numerous commercial businesses, restaurants and other amenities, along with access to public transportation.  With construction commenced, occupancy for the new homes is expected by fall 2014. 

Residents may also participate in the EGHA’s workforce-readiness and family self-sufficiency programs.  Project progress information and income requirements are available on the EGHA website at www.eghousing.com.

Photo Caption (left to right):  Ruth Feder, Vice Chair, EG Housing Authority; Donald Mong, EG Housing Authority Commissioner; Cindy White Overton, Chair EG Housing Authority; Charles Vernon, Vernon Project Management; Marcia Sullivan, Executive Director, EG Housing Authority; Craig Sutton, Stand Corporation; Michael Tondra, Rhode Island Office of Housing and Community Development/Rhode Island Housing Resources Commission; Kenneth Burnett, Senior Vice President, Commercial Lending Manager, BankNewport; Christine Rogers, Senior Community Investment Manager, Federal Home Loan Bank of Boston; Frank Spinella, FJS Associates; Dennis McNamara, Executive Vice President, Chief Credit Officer, BankNewport; and Jeanne Cola, Chair, Rhode Island Housing Resources Commission.

The Housing Authority of the Town of East Greenwich, established in 1967, exists to allow low and moderate income residents of East Greenwich to occupy high-quality housing in healthy neighborhoods. The EGHA is committed to preserving and creating affordable housing for the long term.   The Authority consistently receives scores of 95 and higher in its annual assessments by the United States Department of Housing and Urban Development, making it a national "high performing agency" and has received numerous regional and national awards for innovative resident services and best management practices. oright):  Ruth Feder, Vice Chair, EG Housing Authority; Donald Mong, EG Housing Authority Commissioner; Cindy White Overton, Chair EG Housing Authority; Charles Vernon, Vernon Project Management; Marcia Sullivan, Executive Director, EG Housing Authority; Craig Sutton, Stand Corporation; Michael Tondra, Rhode Island Office of Housing and Community Development/Rhode Island Housing Resources Commission; Kenneth Burnett, Senior Vice President, Commercial Lending Manager, BankNewport; Christine Rogers, Senior Community Investment Manager, Federal Home Loan Bank of Boston; Frank Spinella, FJS Associates; Dennis McNamara, Executive Vice President, Chief Credit Officer, BankNewport; and Jeanne Cola, Chair, Rhode Island Housing Resources Commission.

BankNewport, founded in 1819 and currently holding $1.2 billion in assets, is an FDIC-insured savings bank and is a subsidiary of the Mutual Holding Company, OceanPoint Financial Partners, MHC.  Along with its financial partner, OceanPoint Insurance Agency, Inc., BankNewport is proud to serve the financial needs of customers from banking and insurance offices located throughout Rhode Island. 

The Federal Home Loan Bank of Boston is a cooperatively owned wholesale bank for housing finance in the six New England states. Its mission is to support the residential-mortgage and community-development lending activities of its members, which include over 440 financial institutions across New England. To accomplish its mission, the Bank utilizes private-sector capital to provide members and other qualified customers with reliable access to low-cost wholesale funds, liquidity, a competitive outlet for the sale of loans, special lending programs, technical assistance, and other products and services.