PROVIDENCE – The Women’s Development Corporation, a nonprofit developer and manager of more than 1,000 housing units in Rhode Island, has been awarded a $1 million Capital Magnet Fund grant, U.S. Sen. Jack Reed’s office announced on Thursday.
The Women’s Development Corporation will use the grant to leverage $24.5 million for the development of 155 units of affordable housing.
“In addition to providing quality homes, these new housing units will help spur economic development and boost tax revenues for cities and towns across the state,” said Alma Felix Green, president of the Women’s Development Corporation.
The Capital Magnet Fund was created by Reed, a Rhode Island Democrat, in 2008. The program supports community development financial institutions and nonprofit housing developers that increase investment in low-income housing through revolving loan funds, risk-sharing loan programs, loan-loss reserves and affordable housing trust funds.
The grant is administered by the U.S. Treasury Department, which awarded a total of $80 million in Capital Magnet Fund grants nationwide.
Reed helped secured $6.2 million earlier this year, of which $3.2 million went to the Women’s Development Corporation to build 20 apartments in South Kingstown for low-income seniors and for services to households with a disabled family member.