PARA PUBLICACIÓN INMEDIATA
May 30, 2025
CENTRAL FALLS, RI – One Neighborhood Builders (ONB), one of the state’s leading nonprofit affordable housing developers and community development corporations, held a groundbreaking today alongside elected, appointed, and housing leaders to celebrate the start of construction of Broad Street Homes, an affordable housing development in Central Falls.
Broad Street Homes is ONB’s first development in the city of Central Falls, a more than $26 million investment in the city. Upon completion, the development will provide 46 units of housing to low-income households earning not more than 60% AMI; In Central Falls, this equates to a family of three making less than $61,740, or an individual making less than $48,060. The development includes 29 units in a new construction, 4-story building on 524 Broad Street and 17 units through the adaptive reuse of the former police station and courthouse across the street at 511 Broad Street.
“Broad Street Homes is another manifestation of One Neighborhood Builders’ commitment to addressing Rhode Island’s housing crisis through collaborative and innovative partnerships and an intentional pursuit of new development opportunities in municipalities throughout the state,” said Peter H. Chapman, President & CEO of One Neighborhood Builders. “Our expansion into Central Falls is the result of a years-long effort in partnership with Mayor Rivera’s administration to build critically needed housing for residents and represents what I hope is the first of many developments we will partner on.”
The Broad Street Homes development originated from Mayor Rivera’s vision to increase the supply of safe, affordable housing units in Central Falls. The properties were identified through the Mayor’s Housing Task Force and then were purchased by the city for the Broad Street Homes development, made possible by the RIHousing Site Acquisition Program. The city of Central Falls then engaged ONB as the developer to help realize the vision.
“Today we’re not just breaking ground—we’re breaking through the barriers that families in Central Falls face when trying to find affordable housing. Broad Street Homes represents a promise kept to our community: 46 new, affordable apartments in the heart of our One Square Mile,” said La alcaldesa de Central Falls, Maria Rivera. “From day one of my administration, we’ve made it clear that every person in Central Falls deserves a safe and affordable place to call home—and this project is a major step toward our goal of adding 200 new housing units over my tenure as mayor. I’m grateful to One Neighborhood Builders, our Congressional Delegation, RIHousing, RI Infrastructure Bank, Webster Bank, and all of our state and community partners for believing in and investing in this vision. Together, we’re not just building housing—we’re building security and opportunity for generations to come.”
The design was completed by DBVW Architects and Pezzuco Construction is the general contractor. Engineering firms involved in the development include Commonwealth Engineers & Consultants, FR Engineering, and SAGE Environmental. Klein Hornig is the development tax attorney, McGunagle & Hentz, PC is the outside general counsel, and Cohn Resnick is the tax accountant. The development was syndicated by Berkadia, and Webster Bank facilitated the construction loan and Low Income Housing Tax Credit equity.
ONB received a $2 million Congressional appropriation secured by U.S. Senator Jack Reed for the development. “The most effective way to combat the affordable housing crisis is to build more housing. Here in Central Falls, One Neighborhood Builders and its community partners are doing just that by repurposing and refitting older structures and reimagining neighborhoods to boost access to affordable apartments,” said Senador Reed. “I was proud to help secure a $2 million federal earmark to advance this important project.”
“Rhode Island has been hit hard by the nationwide affordable housing supply crunch and runaway housing costs are squeezing families,” said Senator Sheldon Whitehouse. “The Broad Street Homes development, made possible by federal funding from the Low-Income Housing Tax Credit program, Democrats’ American Rescue Plan, and an earmark secured by Senator Reed, means more Central Falls families will have a safe, stable place to call home. A lot more needs to be done, which is why I introduced the Affordable Housing Construction Act to target Rhode Island’s affordable housing supply crisis head on, and I’m fighting the Trump Administration’s senseless proposals to slash affordable housing programs.”
In addition to the Congressional appropriation, the development’s capital stack was completed with over $12 million in equity proceeds from a 4% Low Income Housing Tax Credits allocation, over $7 million through the Development of Affordable Housing (DAH-2) Program, over $2.5 million through a RIHousing First Mortage, $2 million through the Community Revitalization Program, and $250,000 through the ARPA Predevelopment Program. Broad Street Homes was also made possible with a grant from the RI Infrastructure Bank’s Municipal Infrastructure Grant Program awarded to the city of Central Falls, and access to early predevelopment funding from LISC Rhode Island.
“RIHousing is happy to be a partner in Broad Street Homes, a project that will contribute to the transformation happening across Central Falls,” said James Comer, Deputy Executive Director at RIHousing. “This development will offer Rhode Islanders deeply affordable housing opportunities in a convenient central location. We’re proud to be part of this project and look forward to continuing to fund the rehabilitation and new construction of affordable homes throughout our state.”
ONB currently owns and manages affordable housing developments in Providence and East Providence. In 2024, ONB broke ground on The Avenue, an 85-unit affordable housing development that combines the development of 39 new construction, affordable apartments at 434 Atwells Avenue in the Federal Hill neighborhood of Providence and the preservation and re-syndication of 46 affordable apartments, in the Elmwood neighborhood of Providence.
Broad Street Homes is ONB’s first in the City of Central Falls, reflective of the organization’s recent growth and intentional expansion beyond Providence to address the state’s housing crisis, a cause that state leaders have prioritized in all areas of government.
“I am thrilled to celebrate the groundbreaking of Broad Street Homes, a shining example of what happens when municipal leadership embraces much-needed development. Mayor Maria Rivera is a tremendous champion for housing, and she has found creative ways to leverage underutilized space in an already densely-populated city. Our federal delegation also understands that Rhode Island needs more good-quality homes that working families can afford, and Sen. Jack Reed and Sen. Sheldon Whitehouse delivered strong support for this development,” said House Speaker K. Joseph Shekarchi. “Our state is making substantial progress in addressing the housing shortage that has been decades in the making, and it is the result of collaboration across the local, state, and federal levels of government, working together with nonprofits and developers. I thank all of the partners who made this project possible.”
“The groundbreaking of Broad Street Homes is a reaffirmation of our shared commitment to housing stability, inclusive growth, and the basic dignity of a safe, affordable place to call home,” said Secretary of Housing Deborah Goddard. “This project creates 46 new affordable homes for Rhode Islanders, reflecting the goals of our Housing 2030 plan — calling for bold, sustained action to increase affordable housing statewide. What we’re seeing here is exactly the kind of thoughtful, collaborative, community-centered development Rhode Island needs more of.
One Neighborhood Builders is an exemplary-rated member of NeighborWorks America, a nonpartisan, nonprofit community development organization in Washington, D.C. that supports nearly 250 network organizations nationwide. “NeighborWorks America is thrilled that One Neighborhood Builders will bring 46 affordable apartments to the City of Central Falls,” said Joanie Straussman Brandon, Northeast Regional Vice President, NeighborWorks America. “We’re proud of NeighborWorks Charter member One Neighborhood Builders and the investment in and around Providence delivering assets that are critical to health, wealth and prosperity. Together we are creating homes and building America.”
In the fall of 2025, ONB plans to break ground on its Center City Apartments development in East Providence. Its largest development to date, this revitalization of a vacant and blighted, three-acre parcel to create a 144-unit affordable housing development will include construction of two buildings alongside the rehabilitation of an existing structure. Approximately 40% of the apartments will be permanent supportive housing, reserved for chronically homelessness individuals. These apartments will feature vital supportive services through an innovative partnership with Crossroads RI, Family Service of RI, and Foster Forward who will have on-site offices within the development.
ONB has three additional project in pre-development: Sheridan Village, 20 for-sale homeownership opportunities using modular construction in the Olneyville neighborhood of Providence; Steeple & Stone which will preserve and transform the former St. Patrick Church into affordable apartments complimented by new buildings that will bring an estimated 55 affordable apartments to Cumberland; and Del Toro, what will be a vibrant mixed-use property that combines mixed-income housing with commercial space through the preservation of a mill building and new construction at the corner of Harris Ave and Sims Ave in Providence.
ABOUT ONE NEIGHBORHOOD BUILDERS
One Neighborhood Builders has been at the forefront of the fight to expand affordable housing and foster healthier and more equitable communities in Rhode Island for more than three decades. Since 1988, the organization has developed over 480 affordable apartments, 130 for-sale homes accessible to low- to moderate-income homebuyers, and more than 45,000 square feet of commercial and community space. These developments include the remediation of blighted and environmentally contaminated land and the preservation of historic buildings and represent a total community investment of more than $140 million.
One Neighborhood Builders is the convening backbone entity of Central Providence Unidos, one of the RI Department of Health’s Health Equity Zones. Central Providence Unidos, formerly known as Central Providence Opportunities: A Health Equity Zone, is a collective impact initiative of more than 60 stakeholders working to affect health and economic conditions across the nine neighborhoods of Central Providence (i.e., the 02908 and 02909 ZIP codes).
