Washington Trust Supports Crossroads Rhode Island Affordable Housing Development in Providence

Rhea-AI Summary

Washington Trust Company commits $50,000 to support Crossroads Rhode Island's Roads to Home Capital Campaign, which aims to develop over 300 affordable permanent supportive housing apartments in Providence.

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• The commitment of $50,000 from Washington Trust will help Crossroads Rhode Island develop more than 300 affordable permanent supportive housing apartments in Providence.
• The donation will be paid over five years.
• Crossroads Rhode Island's Roads to Home Capital Campaign aims to bring equity, access, and opportunity to their clients.
• The campaign has three interconnected priorities: renovating existing apartments, developing a health and housing facility for medically vulnerable adults, and building new affordable one-bedroom apartments.
• Crossroads is still soliciting support to reach their $15 million campaign goal.

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• None.

More Than 300 Permanent Supportive Apartments Being Constructed for Adults Experiencing Homelessness

WESTERLY, R.I., Oct. 18, 2023 /PRNewswire/ -- The Washington Trust Company ("Washington Trust") today announced a commitment totaling $50,000 to support Crossroads Rhode Island's Roads to Home Capital Campaign. The donation, which will be paid over five years, will help Crossroads develop more than 300 affordable permanent supportive housing (PSH) apartments in Providence.

"Through their leadership, expertise, and experience, Crossroads plays a critical role in addressing homelessness in Rhode Island," says Rolando Lora, Executive Vice President, Chief Retail Lending Officer and Director of Community Lending. "We are proud to support their bold Roads to Home housing vision and honored to work alongside them via the Federal Home Loan Bank program to bring some of these housing investments to fruition."

"We know affordable housing opportunities, coupled with programs to support mental health, physical health, and workforce development, is the solution to ending homelessness," says Karen Santilli, CEO of Crossroads Rhode Island. "Our Roads to Home Capital Campaign outlines a vision that brings equity, access, and opportunity to our clients, and we are grateful to enthusiastic partners like Washington Trust for their support."

Crossroads capital campaign has three interconnected priorities:

• 160 Broad Street Reimagined: renovation of 84 one-bedroom PSH apartments for adults with high needs, as well as repairs and upgrades to the existing Women's Shelter and Community Room;
• 371 Pine Street: development of a first-of-its-kind in Rhode Island health and housing facility reserved for medically vulnerable adults experiencing homelessness that will provide 36 new PSH apartments;
• 94 Summer Street: development of 176 new and affordable one-bedroom PSH apartments to support individuals experiencing long-term homelessness.

Crossroads is still soliciting support to help them reach their $15 million campaign Goal. To be a part of their vision of a Rhode Island where everyone has a place to call home, contact Beth DeGerlia at 401-277-4330 or roadstohome@crossroadsri.org.

ABOUT WASHINGTON TRUST^®

Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. Washington Trust is a subsidiary of Washington Trust Bancorp, Inc., a publicly-owned holding company which trades on NASDAQ: WASH. For more information, visit the Bank's website at www.washtrust.com or the Corporation's website at ir.washtrust.com.

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SOURCE The Washington Trust Company

FAQ

What is the purpose of the donation from Washington Trust?

The purpose of the $50,000 donation from Washington Trust is to support Crossroads Rhode Island's Roads to Home Capital Campaign, which aims to develop over 300 affordable permanent supportive housing apartments in Providence.

How will the donation be paid?

The donation of $50,000 will be paid over five years.

What are the priorities of Crossroads Rhode Island's capital campaign?

The priorities of Crossroads Rhode Island's capital campaign are: renovating existing apartments, developing a health and housing facility for medically vulnerable adults, and building new affordable one-bedroom apartments.

How much support does Crossroads Rhode Island still need to reach their campaign goal?

Crossroads Rhode Island is still soliciting support to reach their $15 million campaign goal.