Housing unit is aimed at LGBTQI+ elders and loved ones
EAST PROVIDENCE — The council, at its July 19 meeting, gave the second of two mandated approvals to an ordinance authorizing a Tax Incremental Financing agreement, a “TIF,” between the city and the developers “East Point” project in Rumford, amending the initial pact to include a new partner, the local non-profit Aldersbridge Communities.
“Aldersbridge at East Point” is now part of the endeavor, a four-story, modern apartment building with 39 units of affordable, independent living-style housing for LGBTQI+ elders and their loved ones.
Representatives of Aldersbridge and Noble Development LLC, the lead developer, made their first presentation to the council on the amended proposal at the body’s June 21 meeting. They made follow-up comments last week. Aldersbridge is partnering with Barbara Sokoloff Associates (Providence) and ONE Neighborhood Builders (Providence) on the building.
Currently, funding is being finalized from multiple sources including tax increment funding from the City of East Providence and a traditional bank construction loan.
A Low-Income Tax Credit from Local Initiatives Support Corporation (LISC) has already been received for pre-development work to pay for the architectural design and engineering work.
ONE Neighborhood is and has been very active in city recently, redeveloping Sutton Place on Sutton Avenue and about to begin construction of a new affordable housing complex at the site of the former VAMCO jewelry factory on Bullocks Point Avenue.
“We are excited to partner with ONE Neighborhood Builders in developing the very first LGBTQIA+ community for older adults in Rhode Island,” said Richard Gamache, chief executive officer of Aldersbridge Communities. “Our Board of Trustees has been working for some years now to find an ideal location, and it is now a reality. We’ve been caring for low- and moderate-income older adults in East Providence for over 50 years. This project symbolizes our continued respect and commitment to provide quality affordable housing for those who call our communities home.”