Glenark Mills & Glenark Oaks
Glenark Mills and Glenark Oaks are sister properties located approximately a half-mile from one another in the Constitution Hill neighborhood of Woonsocket, Rhode Island. Situated along the banks of the Blackstone River, Glenark Mills was built in 1865 as a textile mill and was later converted to 67 units of residential housing. Glenark Oaks was built in 1990 and contains a total of 22 units.
In 2011, Trinity Financial was selected by Rhode Island Housing as the developer to acquire, renovate and revitalize both Glenark Mills and Glenark Oaks. Working with Rhode-Island-based contractors, Trinity invested $13 million in redeveloping and modernizing both properties. The buildings’ common areas were updated and the apartment interiors were refurbished with new kitchens and bathrooms.
The redevelopment of Glenark Mills and Glenark Oaks were financed through the sale of low-income housing tax credits and historic tax credits. All 89 of the project’s units are affordable to households earning up to 60% of area median income. Other financing sources include HOME Funds and state housing resources from Rhode Island Housing.
completed in December of 2013, Glenark Mills and Glenark Oaks represents Trinity’s first project in Rhode Island since the completion of Newport Heights HOPE VI in 2006.
Type: Mixed Income
Total Development Cost: $13 Million