By JOSEPH FITZGERALD

NORTH SMITHFIELD — The need for more affordable housing in Rhode Island was magnified in a sobering statement made by Town Administrator Robert B. Lowe at a grand opening ceremony Monday for The Meadows, a new 80-unit affordable housing project for seniors off Greenville Road.

"We had 400 applicants for 80 units (at The Meadows) so that means 320 people didn't make the cut, which shows how much further we have to go," Lowe told about 100 people attending the ceremony.
Developed by Neighborworks Blackstone River Valley (NWBRV) — formerly Woonsocket Neighborhood Development Corporation — the 80 new rental units of affordable housing at The Meadows were made possible through a $17.75 million loan to
NWBRVfrom the Citizens Housing Bank program. The loan is a part of the bank’s $200 million housing bank loan fund to non-profit housing developers in New England.
The North Smithfield project located on Village Way off Greenville Road (Rt. 104) provides 80 new affordable apartments, which house approximately 90 low-income seniors in town. Several units are handicapped accessible, while the remaining units incorporate universal design features that allow them to be handicapped adaptable. The facility also includes a large community function room, a physical therapy and wellness room, and offices for health and social service providers.
NWBRV Executive Director Joseph Garlick, and Citizens Bank President Joseph J. MarcAurele were joined yesterday by Sen. Jack Reed (D-RI) as well as local, state and federal officials.
Reed praised The Meadows project, saying "A project like this should not be the exception, but the rule."
In his remarks, Reed cited legislation that he has drafted to establish a National Affordable Housing Trust Fund, which is currently being negotiated between U.S. Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, and Sen. Christopher Dodd (D-CT), chairman of the Senate Committee on Banking, Housing and Urban Affairs.
The National Affordable Housing Trust Fund would be the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years. The bill will initially allocate between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit.
The goal of the North Smithfield project was to develop affordable housing that meets the needs identified in the town's affordable housing plan; provide an affordable housing design that will allow seniors to “age in place;” incorporate Energy Star features in the construction to reduce long-term operating costs; and promote quality design and Smart Growth principles in the development of affordable housing.
The Citizens Housing Bank was launched in April 2004 to address the region’s affordable housing needs. The program provides a $200 million loan program with funds available at a very low interest rate to non-profit developers in Rhode Island, Massachusetts, New Hampshire and Connecticut. The program has succeeded its original goal of creating and  preserving at least 1,200 new housing units in these states, more than 450 units here in Rhode Island, including the Stillwater Heights senior housing complex in Burrillville.
Rhode Island Housing provided the allocation of Low Income Housing Tax Credits (LIHTC), as well as other funding through the HOME program. The LIHTC provide equity for the project, essentially in a grant, which allows the rent levels to remain affordable for elderly residents.
“I am pleased to announce the grand opening of this wonderful and unique housing complex. The lack of affordable rental housing in our state has prompted many to leave our region for more affordable areas,” said MarcAurele. “Through the Citizens Bank Housing Bank, Citizens provides low-cost funding to non-profit developers like NWBRV to create affordable housing and keep Rhode Islanders in the state.”
“The Citizens Housing Bank program filled a significant financial gap with its below market loan product," said Garlick. "The Citizens Housing Bank loan greatly enhances the financial feasibility of the project. It would not have happened without this innovative program. Citizens Bank has truly taken a leadership role in creating real solutions to Rhode Island’s community development and housing needs.”
“Developing high-quality, service-enriched housing for seniors — a population with fixed incomes and specific housing needs — can be challenging,” said Richard Godfrey, Executive Director of Rhode Island Housing. “Our partners at NeighborWorks Blackstone River Valley have met that challenge — creating homes seniors can afford, while providing the services they need.”
The Meadows was also made possible through $400,000 in funding from the Rhode Island Housing Resources Commission's Neighborhood Opportunities Program. The commission is the state agency responsible for housing policing and planning. In addition, the project received $1.6 million in state bond funds and is the first project completed with state bond funds in Northern Rhode Island.
“Affordable housing is crucial to the health of our communities and our economy. It creates jobs, revitalizes neighborhoods and ensures the people who live there will thrive,” said Susan Baxter, Chairwoman of the Rhode Island Housing Resources Commission.
Local Initiatives Support Corporation (LISC) was a major investor in the Meadows project and the work of NWBRV. Through LISC's National Equity Fund, the organization brokered a $6.2 million Low Income Housing Tax Credit investment. LISC also provided a critical zero-interest loan at the project's inception to support environmental, engineering and architectural work. Finally, LISC provides operating support grants for NBRV through its Neighborhood Development Fund. 
“LISC is extremely proud to be a partner with NBRV and Citizens Bank in supporting this development,” said Barbara Fields, Executive Director of RI LISC. “The Meadows provides beautiful homes for more than 80 residents and contributes to the well-being of this community. This is just another outstanding example of what can happen when we combine investment capital with the energy and determination of organizations like NBRV.”
The Federal Home Loan Bank of Boston, through the Affordable Housing Program, provided nearly $600 thousand in additional resources to write down the interest rate on the permanent Citizens Bank mortgage of $1,750,000 million to a very low 2.98 percent.
Also attending Monday's event were Bill Hamilton, Federal Home Loan Bank of Boston; State Sen. John Tassoni; Rep. Raymond Church; Nancy Smith, U.S. Department of HUD; Noreen Shawcross, Housing Resources Commission; Michael Butchko, NeighborWorks America; Town Planner Michael Phillips; Town Council President Linda Thibault.