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Pawtucket council approves lease amendment to let Penrose pursue 60–72 affordable units on School Street
Summary
The Pawtucket City Council voted 8–0 to authorize a tri‑party agreement amending a ground lease to let Penrose LLC pursue low‑income housing tax credits and develop 60–72 affordable housing units on School Street.
The Pawtucket City Council voted 8–0 to authorize the mayor to enter a tri‑party agreement amending an existing ground lease so Penrose LLC can develop an affordable housing project on a parcel on School Street.
The resolution, recommended earlier by the City Property Committee, carves one parcel out of a larger four‑parcel lease with Fortuitous Tidewater OZ LLC, creates a separate 99‑year lease for Penrose, and establishes application and construction timelines keyed to Rhode Island Housing’s low‑income housing tax credit (LIHTC) cycle. Councilors were told the carve‑out is intended to allow Penrose to seek its own financing and move forward independently from the other components of the Tidewater Landing development.
Why it matters: The agreement is intended to make the parcel competitive for state LIHTC…
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