TRINITY FINANCIAL :: Projects

Newport Heights, Newport, Rhode Island
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Located in the North End neighborhood of Newport, RI, the Tonomy Hill housing development was one of the most distressed public housing projects in the state of Rhode Island. Originally constructed in 1939 as temporary housing for Navy personnel, the property was suffering from major structural deficiencies and outdated and inadequate mechanical systems. Additionally, the site configuration isolated residents from their neighbors and the larger community, exacerbating the already high rates of poverty, crime, substance abuse, domestic abuse and illiteracy prevalent at the site. In 1999, Trinity Financial. was selected as the developer for the site and put together a multi-phase mixed finance plan to transform Tonomy Hill into a new, mixed-income community called Newport Heights.
Completed in the spring of 2004, Newport Heights Phase 1 replaced 64 units of distressed public housing with 81 newly constructed units of mixed-income rental housing, new public streets and other public infrastructure improvements. The 81 units of housing serve a range of income categories including units subsidized with PB Section 8 or Public Housing subsidies, tax credit units (40%-60% AMI), moderate units (60%-80% AMI) and market rate units (greater than 80% AMI) without income restrictions. The $16 million Phase 1 project was financed with a mixed-finance package that includes nearly $7.8 million of equity raised through the sale of low income housing tax credits. Other resources include Housing Authority Capital Grant Program funds, City of Newport contributions and state housing resources from Rhode Island Housing.
Completed in January of 2006, Phase 2 of Newport Heights replaced 120 units of distressed public housing with 147 newly constructed units of mixed-income rental housing as well as continuing the public infrastructure improvements begun in Phase 1. Phase 2 also serves a mixed-income population. The $33 million Phase 2 project was financed with a mixed-finance package that includes nearly $17 million of equity raised through the sale of low income housing tax credits. Other resources include Housing Authority HOPE VI and/or Capital Grant Program funds, City of Newport contributions, and state housing resources from Rhode Island Housing.
Scheduled for completion by the end of 2006, Phase 3 of Newport Heights replaced 91 units of distressed public housing with 71 units of mixed-income rental housing and continued the public infrastructure improvements of the first two phases. Phase 3 also serves a mixed-income population. Additionally, the Phase 3 project includes residential and program space for the Winslow Place program serving formerly homeless women and their children. The $24.3 million Phase 3 project was financed with a mixed-finance package that includes nearly $13 million of equity raised via the sale of low income housing tax credits. Other resources include Housing Authority HOPE VI and/or Capital Grant Program funds, City of Newport contributions, Federal Home Loan Bank AHP funds and state housing resources from Rhode Island Housing.
Type: Rental Total development cost: $74 million Units: 299 Phase 1 completed: 2003 Phase 2 completion: 2006 Awards: "Builder of the Year" award received from ENERGY STAR Homes 2005; "Affirmative Action Award", Rhode Island Housing, 2006; "Best Family Project" Finalist: Affordable Housing Finance Magazine, 2005