FOR IMMEDIATE RELEASE
Media Contact: Kyrie Perry
RIHousing, Partners Celebrate Beginning of $50 Million Apartment Rehabilitation Project in South Providence
Providence, RI –Joined by U.S. Senator Jack Reed and Providence Mayor Jorge Elorza, RIHousing and Omni America hosted a groundbreaking ceremony on Friday morning, September 14, for the renovations taking place at Barbara Jordan I Apartments. The project calls for the rehabilitation of 193 apartments spread across 82 buildings in South Providence.
Built before 1940, the apartments have not been renovated since 1984 and require significant improvements. The project will include safety and mechanical upgrades with the replacement of electrical and HVAC systems and the installation of new energy efficient boilers, radiators, smoke alarms, and carbon monoxide detectors. Exterior renovations include new doors, roofs, sidewalks and a full security system overhaul with the installation of 250 cameras and improved lighting. Kitchen and bathroom enhancements will be made on the interiors, including new cabinets and energy efficient appliances.
The total cost of the rehabilitation is approximately $50 million. The primary sources of financing are a $26.4 million RIHousing mortgage, $16.5 million in equity from the sale of Low-Income Housing Tax Credits (LIHTC), and $5.3 million in a deferred developer fee.
“Today has been a long time coming, and I’m pleased the federal government helped generate more than $17 million to breathe new life into the Barbara Jordan I Apartments. We’re not just improving buildings, we are making an investment in the community. When all is said and done, almost 200 apartments will be rehabbed and revitalized and residents will have safer, better maintained housing to call home,” said U.S. Senator Jack Reed, a senior member of the Banking, Housing, and Urban Affairs Committee, which oversees federal housing policy. Reed, who has been nationally recognized for championing affordable housing through his efforts to successfully preserve the Low-Income Housing Tax Credit (LIHTC), noted that LIHTCs helped generate more than $16 million in funding for this project with an additional $1.3 million in HUD funding.
“By redeveloping properties like Barbara Jordan I, we are improving the quality of life not just for the neighbors but for our entire city,” said Mayor Jorge Elorza. “It is critical that we focus on these properties and ensure that they are developed as affordable housing opportunities for our Providence residents.”
“In Rhode Island the demand for housing is high and the supply is so low,” said Barbara Fields, Executive Director of RIHousing. “Barbara Jordan I provides safe and healthy homes for families so parents can go to work and kids can go to school. It’s a win-win situation. Investing in this neighborhood is a home run.”
“We are excited to work with RIHousing and all of our local partners to bring about the much- needed renovation of these buildings and the surrounding community,” said Mo Vaughn, Managing Director of Omni America LLC. “We want to thank all of the government and financial organizations that made this deal possible.”
About Omni America LLC
Omni America, LLC is an experienced developer and manager of affordable housing with over 12,000 units located in New York, Rhode Island, Massachusetts, New Jersey, Wyoming, and throughout the Southeast.
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 www.RIHousing.com or follow us @RIHousing on Facebook and Twitter.