Rhode Island Housing awards $500,000 for development fund

By The Associated Press 

news@abc6.com

PROVIDENCE, R.I. (AP) _ Rhode Island Housing has awarded $500,000 to a local organization that supports affordable housing and community development projects.
        
The Rhode Island chapter of the Local Initiatives Support Corporation says it will put the money toward its recoverable grant fund.         

The fund is a revolving loan fund available to nonprofit, community-based organizations focused on revitalizing local neighborhoods.
        
LISC says it has financed early-stage expenses for thousands of affordable homes through the program.         

Rhode Island Housing Executive Director Barbara Fields says the fund allows investments to get off the ground in the critical early stages of development.
        
The fund was founded in 1991 with a $700,000 grant from Rhode Island Housing.         

The fund has provided more than $6.4 million to more than 30 Rhode Island nonprofit, community-based organizations.

© The Associated Press / WLNE-TV 2015