Architect’s rendering of The Avenue, proposed for Atwells Avenue, Providence.
On Dec. 13, 2023, Providence Mayor Brett P. Smiley proposed and the Providence Redevelopment Agency (PRA) approved an additional $5.4 million in funding to the Providence Housing Trust to support six new residential projects that will create 152 units of long-term affordable housing and preserve the affordability of 241 units. In total, the PRA’s investment will leverage more than $100 million in public/private investment in Providence. The projects are expected to commence as early as spring 2024.
The development projects were identified in a competitive funding opportunity this fall and vetted for eligibility and readiness to proceed. The $5.4 million is made available from the American Rescue Plan Act (ARPA) and designated by Mayor Smiley and the Providence City Council as a transfer to the PRA for the creation or preservation of affordable housing.
Six projects were approved for funding, including:
ONE Neighborhood Builders, The Avenue
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- The construction of 39 new units of mixed-income rental housing on Atwells Avenue, and the rehabilitation of 46 units of aging rental housing in the Elmwood neighborhood to ensure long-term affordability and habitability. The project, serving households earning <30%-80% of the Area Median Income, also includes on-site amenities and ground-floor commercial space.
READ THE NEWS RELEASE FOR A COMPLETE LIST OF DEVELOPMENTS BEING FUNDED
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