CONTACT: Charlene P. Davenport, Public Relations Officer, 401-348-1363
DATE: February 1, 2008
Washington Trust Provides Financing
To Narragansett Affordable Housing Corporation
February 1, 2008 (Westerly, Rhode Island). . . The Washington Trust Company’s Commercial Real Estate Group is providing $6.5 million in financing to Narragansett Affordable Housing Corporation, to construct 40 units of affordable condominium units in two buildings at 190 Clarke Road in Narragansett. Of the 40 units, 32 will be sold to age 55 and older individuals who qualify.
The Narragansett Affordable Housing Corporation (NAHC) is a nonprofit corporation that works to develop affordable housing in Washington County. Some of the programs administered through NAHC are: the Home Loan Repair Program, which assists low and moderate-income Narragansett families in achieving much needed major repairs to their residence with deferred and very low interest repair loans; Housing Information Program is an interactive seminar used to educate adult and youth populations on issues surrounding the Fair Housing Law and housing discrimination; and Homebuyer Education Program, which provides the foundations of knowledge necessary for an individual to move forward in the steps of homeownership.
“There is a great need for affordable housing in the Narragansett area, and this project will help increase the number of affordable housing units,” said John C. Warren, chairman and CEO of The Washington Trust Company. “Washington Trust wishes NAHC much success with this project.”
“This project is a perfect example of the collaboration of resources; Federal, State, Town, and local agencies working together to create affordable housing condominiums,” said Cheryl A. Hartnett, vice president, Narragansett Affordable Housing.
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for construction of, refinancing of, or purchasing investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Julia Anne M. Slom, senior vice president, Commercial Real Estate Group, toll-free at 800-475-2265 or 401-348-1430.
The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., a $2.5 billion corporation headquartered in Westerly, Rhode Island. Founded in 1800, Washington Trust is the largest independent bank and the oldest community bank in the nation, headquartered in Rhode Island. A state-chartered bank, Washington Trust offers a full range of financial services, including business banking, personal banking, and wealth management and trust services, through its offices located in Rhode Island, southeastern Connecticut and Massachusetts. The Corporation’s common stock trades on The NASDAQ Stock Market under the symbol WASH. Web site address: www.washtrust.com.
