- Associated Press - Saturday, August 15, 2015

PROVIDENCE, R.I. (AP) - Rhode Island Housing has refinanced $60 million in bonds for single-family home mortgages and plans to use the savings to reinvest in its programs.

The agency says it plans to reinvest $5 million in savings over the next 10 years in its rental subsidies and community development programs.

The agency says it refinanced $60 million in homeownership opportunity bonds in July to take advantage of historically low interest rates.

The agency says it borrowed an additional $15 million for new single-family mortgages because of the rates.

Rhode Island Housing Executive Director Barbara Fields says the successful bond restructuring is a sign of the agency’s strong financial health.

Rhode Island Housing is a privately funded public-purpose corporation that provides low-interest loans, grants, education and assistance to the state’s homebuyers.

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