Does your state need an infrastructure bank? Rhode Island’s integrates brownfields revitalization with affordable housing

The Rhode Island Infrastructure Bank is the state of Rhode Island’s central hub for financing infrastructure improvements for municipalities, businesses, and homeowners.

It leverages capital in a revolving fund to offer innovative financing for an array of infrastructure-based projects including water and wastewater, road and bridge, energy efficiency and renewable energy, and brownfield remediation.

Many commercial redevelopment sites in Rhode Island require some form of brownfield remediation, and that’s precisely what the Brownfields Revolving Loan Fund program is for,” said Jeffrey R. Diehl, CEO of Rhode Island Infrastructure Bank.

This $400,000 loan for site remediation work at the Nexus Lofts project will help catalyze further development in the surrounding buildings. We are pleased to help finance a portion of this key project for the continued revitalization of downtown Pawtucket,” he added.

These quality of life projects improve the State’s infrastructure, create jobs, revitalize the economy and restore the environment. Here’s a recent example of their work.

On June 17, 2021, the Rhode Island Infrastructure Bank approved of a $400,000 loan from the Brownfields Revolving Loan Fund to finance environmental remediation work as part of the larger Nexus Lofts redevelopment project located at 49 North Union Street, in downtown Pawtucket, Rhode Island.

This brownfields loan is a critical part of our overall project financing and site redevelopment plan,” said Co-Developer Michael Leshinsky.

We want to thank the team at the Infrastructure Bank for working with us to finance the site remediation we need to complete in order to unlock the full potential of our Nexus Lofts project,” he continued.

The redevelopment project managers say it will include 27 “affordable market-rate” (?) apartments with ground floor office and/or retail.

Photos via Google Maps.

See Rhode Island Infrastructure Bank website.

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