225 Carpenter Street
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Adjacent to Luongo Square, the Revolving Fund developed this vacant, two-family house and sold it to a first time, low income homebuyer. The house had been foreclosed by HUD and purchased by RI Housing, on our behalf. Based on a HUD requirement, RIH maintained ownership of the property while the Revolving Fund undertook the development and sale. The Revolving Fund financed the rehab and used HOME funds, a LEAD abatement grant, and State Historic Tax Credits to help make the numbers work.