Affordable Housing Development with Innovative Social Service Partnership to Break Ground this Fall
Providence, RI-One Neighborhood Builders (ONB), one of the state’s leading nonprofit affordable housing and community development organizations, announced it has secured a $3 million loan from the Rhode Island Foundation to fully fund phase one of its Center City Apartments (CCA) development in East Providence.
The loan clears the way for ONB to lock in financing for the first 95 apartments of the 144-unit development, putting them on track to begin construction this fall.
“We’re grateful to the Rhode Island Foundation for their continued partnership and trust in our organization to continue this vital work,” said Peter Chapman, ONB’s President & CEO. “Access to this capital speeds up our ability to commence construction and in turn gets families into safe and stable affordable housing faster.”
CCA is being developed by ONB through an innovative collaboration and social service partnership with Crossroads Rhode Island (Crossroads), Family Service of Rhode Island (FSRI), and Foster Forward. CCA will intentionally integrate supportive housing for persons who have experienced long-term homelessness into a larger residential community.
The group received firm approval of financing from RIHousing in April and expects to close on its financing with investors in October. A formal groundbreaking and commencement of construction will immediately follow.
The $3 million loan from the Foundation is the largest to date through its Impact Investing Program. The initiative provides capital to nonprofit organizations at favorable interest rates and terms for projects that are local, place-based and yield a direct impact for Rhode Island in one of the Foundation’s Community Priority areas.
“By aligning our financial investments with our mission, we can deploy more of our capital to benefit Rhode Island and can support larger scale or different kinds of projects than we typically do through our grant programs,” said David N. Cicilline, the Foundation’s president and CEO.
Housing and Economic Mobility is one of the Foundation’s six Community Priorities under its new Five-year Action Plan.
“Safe, affordable housing leads to all sorts of positive outcomes when it comes to health, education and economic opportunity,” said Cicilline. “We’re proud to join the other funders in supporting the work of our nonprofit partners.”
CCA is ONB’s largest development to date and will transform a vacant, three-acre blighted parcel on Taunton Avenue with the development of 144 affordable apartments. The development includes the new construction of two four-story buildings and the renovation of an existing four-story building which will take place over two phases of construction.
CCA will offer onsite offices for the partnering nonprofit service providers and ONB’s resident service coordinators, as well as property management and leasing offices. Amenities include a resident lounge and library with complimentary Wi-Fi, a wellness room, two community rooms, and ample outdoor greenspace with landscaped private courtyards. The development’s scope also includes extensive improvements to the city’s existing infrastructure that will benefit the community and surrounding neighbors and businesses including a stormwater management plan to mitigate flooding issues, hundreds of feet of replaced water pipe along Taunton Ave, streetscape improvements including new lighting and trees, and improvements to the existing RIPTA bus stop.
Approximately 60% of the apartments will be made available to low- to moderate-income households earning up to 80% Area Median Income The remaining 40% of the apartments at CCA will be Permanent Supportive Housing, reserved for persons who are at the highest risk of homelessness. These apartments will provide rental subsidies along with high-quality, service-enriched housing to families making less than 30% of the Area Median Income.
Upon completion, CCA will have invested over $65 million in the city of East Providence. Phase one of construction includes the renovation of an existing 4-story building on the property and the new construction of an additional 4-story building that will create 95 affordable apartments and the development’s offices and community spaces. Phase two will create an additional 49 affordable apartments in a new construction building.
ONB plans to request funding for phase two of the development from RIHousing as part of its annual consolidated funding application; awards are expected in spring 2026, and if awarded, ONB will commence construction on phase two shortly thereafter.
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SOBRE LOS CONSTRUCTORES DE UN BARRIO:
One Neighborhood Builders (ONB) is a nonprofit community development leader that improves lives across Rhode Island by building homes and connecting communities. They use their more than 35 years of practical experience in the housing and community development fields to test new ideas and challenge entrenched systems. Since its founding, ONB has developed over 480 affordable rental apartments, 140 homeownership opportunities, and 45,000 square feet of community and commercial space, reflecting over $145 million of community investments. ONB is the convening entity of Central Providence Unidos, a Health Equity Zone and place-based collective impact initiative of more than 60 stakeholders across the nine neighborhoods of Central Providence. Central Providence Unidos advances the shared vision for greater health and economic equity in the 02908 and 02909 ZIP codes.
CONTACTO CON LOS MEDIOS DE COMUNICACIÓN:
Kyle McKendall
Vicepresidente de Desarrollo de Recursos y Comunicaciones
401-489-0951 | mckendall@nullonenb.org
