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Citizens Kicks In $6M For Dartmouth Affordable Housing Development

Sep 3, 2015 | Reprints | Unlock Link | Print

A 36-unit affordable rental housing development in Dartmouth will move forward with a $6.46 million construction loan from Citizens Bank.

Local developers Paul and Robert Carrigg will build Lincoln Park Place LLC at the former Lincoln Park Amusement Center.

Besides the loan provided through Citizens’ Community Development Lending Group, financing for the project also includes $7 million in state and federal low income housing tax credit equity, $3.5 million in state funding, $100,000 in town funding and a permanent loan through Bay Coast Bank in Fall River.

“We enjoyed working with Citizens Bank on this project,” Paul Carrigg said in a statement. “Citizens Bank moved forward in a timely fashion to help get this transaction closed. This development offers Southeastern Massachusetts residents more options for affordable housing, which is an important goal for us and for Citizens.”

Banking & Lending