A two-part development that includes 39 new apartments at 434 Atwells Avenue and preservation and renovations of 46 apartments in the Elmwood neighborhood of Providence.

ONE NEIGHBORHOOD BUILDERS filed requests totaling $95.5 million for financing needed to construct
and preserve 282 units of affordable housing around Rhode Island, including The Avenue, a
mixed-income development at 434 Atwells Ave. in Providence. / RENDERING COURTESY ONE NEIGHBORHOOD BUILDERS

By Marc Laroque
Providence Business News

PROVIDENCE – One Neighborhood Builders, the nonprofit dedicated to developing affordable housing in Rhode Island, recently submitted plans to the state’s housing financing agency as it seeks capital grants, low-income housing tax credits and loans to finance the construction and preservation of 282 units of housing in the state.

The Providence-based nonprofit submitted proposals to the R.I. Housing and Mortgage Finance Corp. that call for a total of 169 new apartments and the preservation of 113 existing affordable units throughout the state.

The plans include requests for financing totaling $95.5 million, equating to a total per-unit development cost of $338,635, including all the proposed new and existing housing units that require preservation work, according to One Neighborhood Builders. Broken down by funding sources, the nonprofit is seeking $36.5 million in capital grants, $45.3 million in Low Income Housing Tax Credit equity and $8.7 million in loans from R.I. Housing.

The construction and rehabilitation projects include The Avenue, the mixed-income development at 434 Atwells Ave., with 46 existing units in a five-story building at the site, and 39 new ones now being proposed there by One Neighborhood Builders.

The One Neighborhood Builders proposals were submitted to the Rhode Island Housing Consolidated Application as part of the Development of Affordable Homes grant program. R.I. Housing previously announced it will award $150 million in capital grants through this year’s application process.