By James Bessette, Published May 30, 2025
CENTRAL FALLS – Local elected officials and affordable-housing development leaders on Friday formally broke ground on One Neighborhood Builders’ $26 million Broad Street Homes project.
The project, which is the first development by One Neighborhood Builders within the city, includes a new four-story building at 524 Broad St. and reusing a former police station and courthouse building at 511 Broad St. In total, the project will create 46 affordable housing units to low-income households earning less than 60% of the area median income. […]
Funding for the project includes $2 million in federal money secured by U.S. Sen. Jack Reed, D-R.I., and more than $12 million in equity proceeds from a 4% Low Income Housing Tax Credits allocation, One Neighborhood Builders says. The project is also being financed with more than $7 million through the Development of Affordable Housing Program, $2.5 million through a R.I. Housing and Mortgage Finance Corp. first mortgage program, $2 million via the Community Revitalization Program and $250,000 through the American Rescue Plan Act Predevelopment Program.
Peter Chapman, One Neighborhood Builders’ CEO and president, said in a statement the organization’s expansion to build affordable housing in the city resulted from a years-long effort to build “critically needed housing.” He also hopes Broad Street Homes is the start of many similar developments to take place within the city. […]
