Published by PBN Staff, 10/1/25
EAST PROVIDENCE – One Neighborhood Builders has secured a $3 million loan from the Rhode Island Foundation for the first phase of its Center City Apartments development in the city.
The loan announced Wednesday allows the nonprofit to secure financing for the first 95 apartments of the 144-unit development spanning three buildings along Taunton Avenue.
Groundbreaking and construction are expected to begin this fall.
“We’re grateful to the Rhode Island Foundation for their continued partnership and trust in our organization,” said Peter Chapman, One Neighborhood Builders CEO and president. “Access to this capital speeds up our ability to commence construction and in turn gets families into safe and stable affordable housing faster.”
The $3 million loan is the largest to date awarded through the Rhode Island Foundation’s Impact Investing Program.
