FOR IMMEDIATE RELEASE: July 26, 2021
CONTACT: Kate Bramson, Director of Policy, Fundraising, and Communications for ONE|NB
(401) 408-0047 / bramson@nullonenb.org
PROVIDENCE, RI—U.S. Senators Jack Reed and Sheldon Whitehouse, Rhode Island Governor Daniel McKee, Rhode Island Lieutenant Governor Sabina Matos, and Providence Mayor Jorge Elorza joined ONE Neighborhood Builders (ONE|NB), RIHousing, LISC Rhode Island, and other housing champions on Monday, July 26, to celebrate ONE|NB’s two latest affordable housing developments.
Together, King Street Commons and Sheridan Small Homes represent a nearly $20-million investment in Providence.
The 2.5-acre King Street Commons development includes 30 new affordable rental apartments and a state-of-the-art child care center along King Street in Olneyville, plus the recapitalization and preservation of 32 affordable apartments in Providence’s Elmwood neighborhood. Families have already begun moving in, and the child care center, to be operated by Children’s Friend, will open in September.
“King Street Commons offers high-quality housing for a broad range of households—from extremely low-income families who have recently experienced homelessness to moderate-income households earning up to $65,000. RIHousing is committed to working with partners who develop housing that is affordable for all, and this project exemplifies this goal,” said Carol Ventura, executive director of RIHousing.
The financing for King Street Commons includes $11.7 million in Low-Income Housing Tax Credit (LIHTC) equity; $2 million from Building HOMES RI; a $960,000 RIHousing Preservation and Revitalization Loan, a $610,000 RIHousing mortgage; and a $337,000 mortgage from LISC Rhode Island.
U.S. Senator Jack Reed said, “At a time when housing is such a crucial need, we applaud the fact that ONE Neighborhood Builders and their construction team broke ground on King Street Commons on April 1, 2020, amidst the pandemic, and they continued throughout this past difficult year—employing 80 workers throughout the construction.”
ONE|NB is also celebrating completion of its Sheridan Small Homes condominium development. All five of these for-sale homes are under contract with first-time homebuyers. At 750 square feet, these 2-bedroom, 1.5-bathroom homes are Rhode Island’s first low-income, deed-restricted, and Passive-House Certified development. Sheridan Small Homes is clustered on three-quarters of an acre of land and adjacent to the Fred Lippitt bike path.
“Housing costs are skyrocketing in Rhode Island, squeezing renters and first-time homebuyers,” said U.S. Senator Sheldon Whitehouse. “I’m glad to be here in Olneyville to celebrate the opening of affordable, energy-efficient apartments and homes made possible in part because of federal investments.”
Sheridan Small Homes was made possible through a RIHousing construction loan; $375,000 in private donations; $330,000 from the RIHousing Homeownership Investment Fund; $250,000 from Zero Energy Ocean State—an innovative funding collaborative that includes National Grid, RIHousing, and the RI Office of Energy Resources; as well as $150,000 in City of Providence HOME funds.
“I am deeply thankful for our development team, ONE|NB staff, financing agencies, and the myriad of other partners for making these two projects possible,” ONE Neighborhood Builders’ Executive Director Jennifer Hawkins said.
“Whenever we launch a new housing development, we focus on the fact that we’re not simply developing housing; we’re building community,” Hawkins said. “We investigate the needs of each neighborhood where we build. At King Street Commons, we invited Children’s Friend to partner with us because we knew of the urgent need for more local, high-quality child care. At Sheridan Small Homes, we partnered with Building Futures to use the construction of the first two homes as a hands-on training opportunity for their workforce development program.”
LISC Rhode Island Executive Director Jeanne Cola said: “LISC leans on innovative Community Development Corporation partners to tackle the most challenging housing development projects in our communities and weave together the funding and partnerships necessary to bring the state urgently needed housing. We’re proud to support both of these new housing opportunities with funding, and we congratulate ONE Neighborhood Builders on these latest ventures.”
ABOUT ONE NEIGHBORHOOD BUILDERS:
ONE Neighborhood Builders (ONE|NB) is a nonprofit community development leader in Rhode Island that is expanding its work to the broader Greater Providence area while maintaining its deep roots in its historic home of Olneyville. ONE|NB’s mission is to develop affordable housing and engage neighbors to cultivate healthy, vibrant, and safe communities. Since its founding in 1988, then as Olneyville Housing Corporation, ONE|NB has developed 458 affordable apartments; 130 for-sale homes for low- to moderate-income homebuyers; and nearly 35,000 square feet of commercial and community space—totaling more than $134 million of investments. ONE|NB created the first free community wireless network in Rhode Island. ONE|NB is the convenor of the Central Providence Health Equity Zone, which brings together residents, community organizations, health professionals, and others to address root causes of health disparities, and of the Central Providence Collaborative, which includes more than three dozen community-based organizations, local businesses, residents, and elected officials who work together to improve neighborhood conditions. ONE|NB is the backbone organization of Central Providence Opportunities, an $8-million initiative to increase economic mobility for residents in Central Providence.
