Landmark deal for Little Compton Housing Trust

Trust set to purchase first home for affordable housing since its inception in 2005

By Paige Shapiro
Posted 2/28/23

Little Compton could soon see more affordable housing.

The town council voted unanimously Thursday evening to approve the Little Compton Housing Trust’s purchase of 184 Colebrook Road from …

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Landmark deal for Little Compton Housing Trust

Trust set to purchase first home for affordable housing since its inception in 2005

Posted

Little Compton could soon see more affordable housing.

The town council voted unanimously Thursday evening to approve the Little Compton Housing Trust’s purchase of 184 Colebrook Road from Rhode Island Housing. The property, which contains an abandoned two-bedroom home which has reportedly been foreclosed twice in the past, would be purchased for an estimated $175,000 by the trust with money it has accrued from a percentage of building permit fees it receives from the town each year.

Trust members hope to transform the property into a single-family affordable housing unit open to all eligible applicants who fall within certain income limits. Priority, however, will be given to current residents of the town. The Colebrook project would be the first undertaken by the trust since it was established in Little Compton 18 years ago.

Trust representatives also requested an additional $50,000 to support the further development of the property, which will likely include the cost of demolition as the home is in a state where tearing it down and rebuilding may be cheaper than attempting to renovate. The additional request, along with a request to increase the trust's annual appropriation from $1,000 to $20,000 to cover administrative fees, was expected to be taken into consideration at a special council budget meeting Monday afternoon.

According to HousingWorks RI, Little Compton currently has nine affordable housing units — three single family homes and six apartments — far below the goal stated in the state's Low and Moderate Income Housing Act.

In other housing trust news, the council will interview three prospective members later this month. Interviewees include Lucy Duhamel, Miles Arkins and Bill Rowley.

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