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NEW YORK CITY- Fairstead, a realestate firm committed to the preservation of affordable housing,has acquired Festival Field Apartments, a 204-unit Section 8 familyapartment property located in Newport, Rhode Island for $33.25million. The acquisition was financed through the issuance oflow-income housing tax credits and tax-exempt bonds issued throughRIHousing.
"The need and demand for affordable rental housing is strong inNewport, where 60% of the city's residents are renters," said CarolVentura, executive director of RIHousing, in a prepared statement."The rehabilitation of Festival Field Apartments ensures theserental homes remain affordable, safe and healthy for residents foryears to come and helps strengthen previous investments made in theNorth End of Newport."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
