EAST GREENWICH, RI – Governor Dan McKee and U.S. Senator Jack Reed joined RIHousing, Dakota Partners, Inc., funding and community partners for a ceremonial ribbon-cutting to celebrate the creation of new affordable rental homes at Brookside Terrace in East Greenwich.
Developed in two phases by Dakota Partners, Inc., Brookside Terrace is a new construction development that includes 96 units of affordable apartments in East Greenwich, Rhode Island. Brookside Terrace Phase I was completed in January of 2022 and is currently occupied; Phase II is nearing completion.
"Under my Administration, housing has been and will remain a top priority," said Governor McKee. "Safe, affordable housing for Rhode Islanders is critical to ensuring our state thrives. That's why I'm so proud that our budget includes a quarter billion dollar, historic investment for housing at all levels. That funding will help us do more projects like this one in East Greenwich – I thank all the partners who came together to make this happen today."
"East Greenwich is a wonderful place to live and this new development will add high-quality apartments that offer modern comfort and convenience to residents at an affordable price," said Senator Reed. "This is a smart investment in community development that will help create more opportunities for working families and help East Greenwich meet its housing affordability goals."
Brookside Terrace's 96 units are spread throughout four, 3-story garden-style residential buildings. A single-story clubhouse and playground are also located on the property, which is set back from South County Trail. Each Phase consisted of the construction of two of the residential buildings and 48 units. In total, Phase I and II include 12 units affordable to tenants at 30 percent area median income (AMI) ($29,000 annual income for a 4-person household). The remaining units are restricted to residents with incomes at or below 60 percent AMI (or $58,020 annual income for a 4-person household).
"The need and demand for affordable family housing is strong in East Greenwich, and initiatives like Brookside Terrace are integral to solving our state's affordable housing crisis and providing well-paying jobs while creating vibrant communities with good homes," said Carol Ventura, Executive Director of RIHousing. "Brookside Terrace provides much needed affordable housing in a highly desirable community with only limited affordable housing options. Whether living in an urban, suburban or rural setting, Rhode Islanders need rental options that they can afford, and in communities where they want to live."
Dakota Partners, Inc, a developer with a history of developing affordable homes in New England, built Brookside Terrace to Passive House standards, which utilizes super insulation, airtight building envelope and heat-recovery ventilation systems to reduce overall energy consumption. Dakota began implementing these principles into their developments in 2017 and is now one of the nation's most active Passive House developers of affordable housing with close to a dozen projects currently under construction or in development.
"Brookside Terrace – which is PHIUS+ Core certified – fills a critical void of affordable housing in East Greenwich and provides safe and comfortable homes to individuals and families who might otherwise be priced out of the area," said Dakota Partners principal, Roberto Arista. "Dakota is proud to work with Rhode Island Housing to create much-needed affordable housing in Rhode Island that delivers on our mission to create housing that matters to residents, the community, and the environment."
This affordable housing development is an important addition to East Greenwich as prior to development less than 5 percent of the town's housing was considered "affordable" and only 29 percent of its housing stock was multi-family. These factors pose significant challenges to families seeking affordable homes. The Brookside Terrace property was specifically targeted to expand availability of affordable housing in the area. The 17-acre site is located along South County Trail and provides residents with access to retail, schools, government, employment, and recreation areas.
"Ensuring East Greenwich residents have access to safe, healthy and affordable housing options is important to our community and its residents," said Andrew Nota, East Greenwich Town Manager. "These new rental options help local families reside in a community that offers access to great schools, recreational areas, jobs, retail and services. We are excited to celebrate these new homes and the families residing here."
The creation of new rental homes at Brookside Terrace supported more than 172 jobs, the majority of which were in the construction trades. Funding for Brookside Terrace came from a variety of funding sources, including a mortgage from RIHousing, $23.9 million in Low-Income Housing Tax Credit (LIHTC) equity, almost $1.5 million from the federal Housing Trust Fund program, $749,369 in HOME Program funding, and $250,000 from the Zero Energy for the Ocean State (ZEOS) program.
"Bank of America Community Development Banking is pleased to provide $23 million to help finance the construction of much-needed affordable housing for families in Rhode Island," said Kevin Tracy, President, Bank of America Rhode Island. "Brookside Terrace is a great example of the impact we can make to help the most vulnerable in the state of Rhode Island and demonstrates our continued commitment to support the communities where we live and work."