Bank of America Generously Supports ONE|NB’s King Street Commons

By August 28, 2019Press & Events

ONE Neighborhood Builders was awarded a generous grant by Bank of America to support the development King Street Commons (KSC). KSC combines the creation of 30 new, affordable residential apartments and a childcare facility with the re-syndication and preservation of 32 units of affordable housing in the Olneyville and Elmwood neighborhoods of Providence.

The new construction will be developed on a vacant lot adjacent to Providence Housing Authority’s (PHA) Manton Heights development. The project will transform a magnet for crime into much-needed safe, high-quality, affordable housing and early childhood education facilities for approximately 72 children. KSC will also facilitate access to Riverside Park, the Woonasquatucket River Greenway/bike path, and tie Manton Heights into the larger community. These critical needs were all identified in the Build Olneyville plan compiled by ONE|NB, PHA and Trinity Financial in 2014. The Plan was the result of hundreds of resident interviews and dozens of community-based stakeholder conversations funded by HUD’s rigorous Choice Neighborhood Initiative.

The in-situ rehabilitation of existing units (11 buildings) from ONE|NB’s Elmwood Neighborhood Revitalization I (ENR I) project will improve the quality of life for 32 families without displacement. ENR I, originally constructed in 2001, will undergo substantial renovation, including full kitchen, bathroom, and mechanical upgrades, partial window replacement, full roof replacements, exterior improvements, and electrical and fire safety upgrades.

Units in both projects will remain affordable for families earning at or below 80% of the area median income. This is essential given that the majority of households in the two neighborhoods are financially struggling. In Elmwood, 28% of families live below the poverty line and the median family income is $24,743, versus a citywide median of $32,058. In Olneyville, 36% of households earn less than $25,000, compared to 25% in the state overall. Providing access to basic needs for vulnerable populations is critical to strengthen our community. Thanks to support from Bank of America, we’re connecting over 50 individuals and families with safe, healthy housing.

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