ONE Neighborhood Builders President and CEO Jennifer Hawkins addresses attendees of The Avenue’s Groundbreaking June 28, 2024
The Avenue is ONE|NB’s largest housing development to date. Upon completion, The Avenue will be an 85-unit affordable housing development that will combine 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, formally known as Elmwood Neighborhood Revitalization II, in the Elmwood neighborhood of Providence.
“This is an incredibly exciting day for ONE|NB, the City of Providence, and all Rhode Islanders. As we celebrate the start of construction of The Avenue, we are showcasing the two crucial steps that must be taken together to make strides towards ending the housing crisis; developing new affordable housing and protecting existing affordable housing; developing new affordable housing and protecting existing affordable housing,” said Jennifer Hawkins, President & CEO of ONE Neighborhood Builders. “Developing affordable housing is only possible through unified efforts of local, city, state, and federal leaders. Today’s groundbreaking exemplifies the power of collaboration, and serves as a catalyst to further foster ongoing partnerships to deliver much-needed housing across our state.”
Senator Reed speaks to attendees at ONE Neighborhood Builders recent ground breaking June 28, 2024
“Access to affordable housing is a critical community need and I am proud to support over $20 million in federal funds to assist ONE Neighborhood Builders in preserving and building new affordable housing here in Providence. By breaking ground on The Avenue today, we’re laying the foundation for a stronger, more resilient community where people can afford to live in high-quality residences,” said U.S. Senator Jack Reed. “Providence is a diverse, vibrant, inclusive city and we need diverse, vibrant, inclusive housing options like The Avenue so that working people who are the heart and soul of our community can actually afford to live in the heart of the city.”
Providence Mayor Brett Smiley speaks to guests at The Avenue groundbreaking June 28, 2024
“The key to addressing the ongoing housing crisis impacting Providence and communities across the nation is to support the development of new housing units at every price point in every neighborhood,” said Mayor Brett P. Smiley. “I’m thrilled to join ONE Neighborhood Builders for the groundbreaking of The Avenue, a project that will improve access to affordable housing in our Federal Hill and Elmwood neighborhoods. This is how we meet the demand for housing in our city and make living in Providence more affordable and accessible.”
The Avenue was made possible with financial support from local, state, and federal leaders including the Low Income Housing Tax Credit program, a congressional appropriation through Senator Jack Reed, state and federal funds administered via RIHousing, and the City of Providence’s Affordable Housing Trust Fund, among others. The development drew financial support from a multitude of sources including, LIHTC Equity Proceeds, ARPA Production Fund (DAH-2), ARPA Community Revitalization Program, Building Homes Rhode Island, RIHousing Preservation Loan Fund, RIHousing First Mortgage, RIHousing Capital Magnet Fund, City of Providence Affordable Housing Trust Fund. In total, upon completion, over $32 million will be invested into the development of The Avenue.
RI Speaker of the House Joseph Shekarchi talks to guests of The Avenue’s groundbreaking. June 30, 2024
“The Avenue development highlights exactly the kind of partnership required to substantively address Rhode Island’s housing shortage. By leveraging resources at the local, state, and federal levels, ONE Neighborhood Builders is preserving and creating housing that our state greatly needs,” said Speaker of the House K. Joseph Shekarchi. “Sen. Jack Reed has been one of our state’s strongest champions for housing, and I thank him for once again delivering for Rhode Island. I also commend Mayor Brett Smiley for his tremendous partnership in efforts to increase our housing supply, and ONE Neighborhood Builders for its sustained commitment to tackling our housing crisis.”
CEO of RIHousing Carol Ventura addresses crowd at The Avenue ground breaking June 28, 2024
“It takes balancing multiple funding sources – like State Fiscal Recovery Funds and Low-Income Housing Tax Credits – to finance a development like The Avenue,” said Carol Ventura, CEO of RIHousing. “It is critical that we keep investing in the different funding programs available at the federal, state, and local levels for the construction and rehabilitation of affordable housing. RIHousing is dedicated to our ongoing work in administering these dollars in communities across the state.”
Council President Rachel Miller speaks to guests at The Avenue groundbreaking. June 28, 2024
“I applaud the work of ONE Neighborhood Builders on The Avenue—a housing development with 39 new affordable housing apartments—and I’m excited to welcome new residents to Federal Hill.” said Council President Rachel Miller (Ward 13). “City Council is committed to supporting more modern, accessible, and affordable housing options like The Avenue in neighborhoods all across Providence.”
State Senator Bell speaks to attendees of The Avenue groundbreaking. June 28, 2024
“I’m excited to see this 4% credit project break ground right here on Federal Hill. Yet again, this project proves the doubters wrong. We don’t have to be limited to the 9% credits anymore. We can multiply our limited state dollars by unlocking these federal subsidies–making the case for investmenting our state dollars that much stronger. What’s especially exciting is that this project is 100% affordable and a quarter of the units have rent capped to be affordable to a household making 30% of median income. Often, you see projects at the minimum affordability allowed under the LIHTC law, with rents capped to be affordable to households making 60% of median income and just 40% of the units affordable. This project goes so much further. It proves what we can do when we take these 4% credit dollars we’ve been turning away for far too long. I want to congratulate the whole ONE Neighborhood Builders team for their hard work on this critical project,” said Senator Bell (District 5)
Senior Executive Director of LISC, Jeanne Cole speaks to crowd at The Avenue. June 28, 2024.
“The Avenue is a perfect illustration of what it means to move a project forward, ” said Jeanne Cola, Senior Executive Director with the Local Initiatives Support Corporation (LISC) Rhode Island. “It has taken many years, and many partners working toward the same goal to get to this groundbreaking today. We’ve built a strong relationship with ONE Neighborhood Builders over the decades of work together and recognize the important work they do in the community. LISC’s initial investments happened in early 2022 to fund predevelopment costs for this crucial project that will add 39 new homes and preserve 46 others. We began our support on this project with a million-dollar investment, and we’re just getting started.”
Managing Director of Nation Equity Fund, Tony Lyons speaks to attendees of The Avenue ground breaking. June 28, 2024.
“The development of The Avenue shows the tremendous impact organizations can have through steadfast collaboration and dedication to a shared mission. The team at ONE Neighborhood Builders is just as committed to the creation and preservation of affordable housing and their passion continues to inspire us all here at NEF. Soon, 39 new units of high-quality, safe and stable affordable housing will be available for individuals and families in the Federal Hill neighborhood and 46 existing units of family housing will be preserved in the Elmwood neighborhood,” said Tony Lyons, Managing Director Relationship Manager, National Equity Fund
The design was completed by DBVW Architects and Pezzuco Construction is the general contractor. Engineering firms involved in the development include Commonwealth Engineers & Consultants (civil), Yoder + Tidwell (structural), Aldinger & Associates (geotechnical), and Redwood Environmental Group (environmental). Klein Hornig is the development’s tax attorney and McGunagle & Hentz, PC is the outside general counsel. Upon completion, Peabody Properties will serve as property manager.
ONE|NB has an additional 311 affordable apartments and home ownership opportunities in pre-development. Including Broad Street Homes in Central Falls RI, Center City Apartments in East Providence RI, Sheridan Village in Providence RI, and Steeple & Stone in Cumberland RI.
