Elected and local officials, funders and community members join Omni Development Corporation to break ground on 52 new units of affordable housing in Providence

PROVIDENCE – Elected and local officials, funders and community members joined Omni Development Corporation and RIHousing to break ground on the Omni Newark Apartments, 52 new units of affordable housing in the Valley neighborhood of Providence. The planned five-story building will rise on the site of a former bakery and multifamily home. 

“Every Rhode Islander deserves a safe, affordable place to call home. And to bring down housing costs, we need to build more housing,” said U.S. Representative Seth Magaziner. “I am proud to stand alongside local and state leaders to celebrate the groundbreaking of 52 new housing units in Providence. I will continue working with partners at every level to deliver lower housing costs for Rhode Islanders.” 

The second to fifth floors will contain the apartments; the first floor will have covered parking and community/commercial space. Of the 52 apartments, 32 will be one-bedroom and 20 will be two-bedroom. Omni has hired a company for assistance in identifying renewable energy solutions and help the development meet its intended net-zero goals, resulting in long-term energy savings for residents.  

“This groundbreaking is an important step forward for Providence as we continue to expand our housing supply and create more opportunities for neighbors at every level of income,” said Providence Mayor Brett P. Smiley. “The City is proud to have contributed $750,000 in gap financing through the Providence Housing Trust Fund, part of more than $55 million we have committed with partners like Omni to deliver high-quality, affordable homes across our city. Omni Newark Apartments will transform one of the last underutilized lots in Eagle Square and build on the momentum of a neighborhood that has become a thriving business and residential district.” 

“The Omni Newark Apartments groundbreaking marks an exciting step forward in our ongoing commitment to expanding access to safe, high-quality, and affordable housing in Providence and beyond,” said Omni Development Executive Director Sharon Morris. “This mixed-income development reflects Omni’s mission to create inclusive communities where residents of all income levels can thrive. For nearly four decades, Omni Development has transformed abandoned properties and vacant lots into vibrant, high quality affordable homes. We are proud to continue that tradition with the Newark Apartments development that will not only provide low-cost, safe housing, but strengthen the fabric of the neighborhood for generations to come.” 

The Omni Newark Apartments received a robust variety of funding sources, utilizing multiple State Fiscal Recovery Fund programs and federal Low-Income Housing Tax Credits. 41 of the units will be set aside for those earning 60% and below the Area Median Income (AMI), which for a two-person household is $54,900 and under. The remaining 11 non-LIHTC units will be targeted for households earning 80% and below the AMI (for a two-person household that’s $73,200 or less). Additionally, Providence Housing Authority has awarded eight Project-Based vouchers to the development to support extremely low-income households. 

“Omni Newark Apartments represents the kind of housing Rhode Island needs more of: thoughtful, well-located, and designed to meet people where they are while moving our communities forward,” said Deborah Goddard, Secretary of Housing. “With 52 new homes, including deeply affordable units, this development expands opportunity for all who want to live and remain in Providence. We are grateful to all who helped get this project going and look forward to its completion.” 

“As Rhode Island continues to face a challenging housing landscape, Omni Development is adding over 50 new mixed-income units to Providence,” said Carol Ventura, CEO & Executive Director of RIHousing. “We’re proud to be a contributor to this project, which is utilizing State Fiscal Recovery Funds, federal LIHTC, and other funding sources to build these modern homes, which will serve Rhode Island households across the spectrum of affordability.” 

Target completion for the development is July of 2027. 

About RIHousing
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit RIHousing.com or follow us @RIHousing on Facebook, X, and Instagram.