Developers unveil ambitious affordable housing project plans

In a recent West Warwick council meeting, officials took a significant step towards enhancing affordable housing in the area by advancing an ordinance for an agreement with Marathon Development LLC for the proposed Lippitt Mill project. The ordinance, which received its first reading, aims to ensure that residential units at the site remain affordable in perpetuity, specifically targeting households earning 60% or less of the area median income.

Samuel Budway, representing Marathon Development, outlined the legal framework of the agreement, which will be recorded in the town's land evidence records. The agreement stipulates that the developer will maintain affordability standards while contributing 4% of the gross income generated from the property towards tax obligations for the duration of the covenant.

Harry Angevin, CEO of Marathon Development, expressed enthusiasm about the project, indicating that they anticipate closing on the property within the next 60 days. The financing for the project is expected to come from the Local Initiatives Support Corporation (LISC), with plans to apply for a 4% Low-Income Housing Tax Credit (LITEC) through Rhode Island Housing in September. The goal is to break ground before the end of the year.

Angevin emphasized the importance of quality in affordable housing, noting that their approach aims to provide high-quality living spaces despite the affordability designation. He highlighted the demand for affordable units, referencing a recent project in Providence that received nearly 400 applications for just 124 units.

The council's discussions reflect a commitment to addressing the pressing need for affordable housing in West Warwick, with the Lippitt Mill project poised to play a crucial role in meeting the community's housing goals.