Thursday, August 15, 2024
Providence Redevelopment Agency awarded an additional $12.7 to affordable housing construction and preservation projects in Providence this week
Mayor Brett P. Smiley and the Providence Redevelopment Agency (PRA) today announced that the PRA is awarding an additional $12.7 million to various agencies for the development and preservation of affordable housing units in Providence. This substantial investment is a part of the City’s ongoing, multi-pronged approach to addressing the housing crisis and brings the Providence Housing Trust’s total commitment to affordable housing construction to $55.6 million since 2022. Under Mayor Smiley’s leadership, Providence is adopting new zoning ordinances, streamlining permitting processes and making direct investments to make the development of affordable housing easier and faster across the city.
This $55.6 million commitment for affordable housing construction and preservation projects includes $26.4 million from a bond and $29.2 million from the American Rescue Plan Act (ARPA). The investments are expected to result in more than 2,000 new or preserved housing units, reflecting an unprecedented level of financial commitment from a Rhode Island municipality.
In December 2023, the City allocated $5.4 million in funding from the Providence Housing Trust to six significant projects, marking a pivotal step towards increasing affordable housing availability. This latest round of funding continues to build on that momentum.
“The level of investment we are making in affordable housing is unprecedented in Providence,” said Mayor Brett Smiley. “We are taking a multifaceted approach to tackle the housing crisis, which includes making landmark investments, adopting new zoning changes to allow for greater housing density, implementing layered incentives to bolster housing production and creating a Housing and Human Services Department to prioritize the production of affordable homes throughout Providence and ensure residents enjoy a high quality-of-life.”
The latest investment awards funding to 9 projects:
- The Flynn, Marathon Development: $8M for new construction of a 6-story, mixed-use building on a long-vacant parcel at 220 Blackstone Street to include 178 residential units priced from deeply affordable to workforce housing coupled with ground-floor neighborhood amenities, office and community space.
- Crossroads Health & Housing, Crossroads RI: $1M for new construction of a 35-unit building offering permanent supportive housing for medically vulnerable tenants at 371 Pine Street.
- Sheridan Homes, ONE Neighborhood Builders: $1M for new construction of 20 units of homeownership and rental housing at 45 Sheridan Street.
- New Horizons, West Elmwood Housing: $718,000 for new construction (22 rental units) and preservation (51 rental units) of properties in the City’s West End.
- Parcel 9 – Phase II, Pennrose: $800,000 for new construction of 61 rental housing units at 65 George M. Cohen Boulevard (a vacant I-195 parcel) in the City’s Fox Point neighborhood.
- Public Street Homeownership, SWAP: $114,000 for the new construction of a 2-unit home in South Providence for sale to a low/moderate income homebuyer.
- Oxford Street Homeownership, SWAP: $299,239 for the new construction of a 2-unit home in South Providence for sale to a low/moderate income homebuyer.
- Pine Street, Amos House: $495,000 to rehab a 3-unit property for permanent supportive housing.
- River Ave Housing for Survivors, Sojourner House: $300,000 to rehab a 4-unit property for permanent supportive housing for survivors of violence.
In total, these projects reflect an expected $160M in public/private investment in the Capital City.
Key elements of the city’s housing strategy include:
- Creation of the Housing and Human Services Department: This new department is dedicated to addressing housing and human service needs within the city and building and guiding the City’s affordable housing strategy.
- Direct Financing: Significant funds have been allocated to support affordable housing projects directly, totally $55.6 million as of this month.
- New Zoning Changes: With the collaboration of the Providence City Council and the City Plan Commission, the City has adopted new zoning regulations to allow for greater housing density and more efficient land use.
- Layered Incentives: A range of incentives designed to encourage housing production, such as density bonuses and Transit-Oriented Development (TOD) initiatives.
- Permitting Procedure Improvements: New procedural changes by the Department of Inspection and Standards (DIS) and the Department of Public Works (DPW) to expedite the permitting process for new construction.
- Online Permitting System: The City has implemented an online permitting system for traffic and engineering permits, streamlining the process and making it more efficient for developers.
The City of Providence remains committed to tackling the housing crisis and ensuring that all residents have access to safe, affordable housing. This latest round of funding is a testament to that commitment and a significant step towards a more equitable and sustainable future for all.