News Summary
One Neighborhood Builders has secured a $3 million loan from the Rhode Island Foundation for the first phase of the Center City Apartments development in East Providence. This project will consist of 144 units aimed at improving affordable housing in the region. With additional funding from the Rhode Island Infrastructure Bank, the development plans to address local stormwater flooding issues and provide community spaces. Groundbreaking is anticipated for spring 2024, highlighting the commitment to tackle rising housing demands and enhance living conditions for residents.
Rhode Island – One Neighborhood Builders has secured a $3 million loan from the Rhode Island Foundation, designated for the first phase of the Center City Apartments development in East Providence. The announcement of this financial milestone was made on Wednesday, marking a significant step towards addressing the region’s affordable housing needs.
The funding will enable the nonprofit organization to finance the initial construction of 95 apartments out of a total of 144 units that are planned for the Center City Apartments. This major development will take place across three buildings situated along Taunton Avenue, specifically at 330, 350, and 354 Taunton Avenue. Of these buildings, two will be newly constructed, while the third will undergo renovation from a vacant four-story dormitory.
Additionally, the Rhode Island Infrastructure Bank has contributed $480,188 in Housing Infrastructure Grant funding toward this project, which aims to improve affordable housing options and address stormwater flooding issues in East Providence. The comprehensive development of the Center City Apartments will also include community spaces, offices, and onsite property management, enhancing the overall living experience for residents.
The anticipated timeline for breaking ground on this project is set for spring 2024, indicating a swift approach to tackling the housing demand in the area. One Neighborhood Builders emphasizes its commitment to providing affordable housing, following its history of over 36 years in the sector. The organization has successfully developed more than 480 affordable apartments and has invested over $143 million into various community developments across the state.
The Center City Apartments represent the largest undertaking by One Neighborhood Builders to date, with ongoing aspirations to introduce additional affordable homes in the near future. Despite these positive developments, the organization continues to face challenges, such as limited funding for affordable housing projects and various regulatory and zoning restrictions that complicate the development process.
As the need for affordable housing rises, initiatives like the Center City Apartments highlight the importance of nonprofit organizations in bridging the gap for vulnerable populations seeking stable and affordable living conditions. With this funding and development, East Providence is set to see a significant positive shift in its housing landscape.
Deeper Dive: News & Info About This Topic
- ABC 6 News
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- Providence Business News
- Wikipedia: Affordable Housing
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- Encyclopedia Britannica: Affordable Housing
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Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
