Rhode Island Affordable Development Activities
Center City Apartments
East Providence
Developer: ONE Neighborhood Builders
- Anticipated Completion Date: Q1 2027
- Total Units: 95 units
- Total Affordable Units: 95 units
- Affordability: < 80% AMI
- Construction Status: 38%
Funding Sources and Amount
| Sources | Amount |
|---|---|
| RIH First Mortgage | $5,300,000 |
| 9% LIHTC | $14,786,019 |
| Building Homes Rhode Island | $1,582,437 |
| Capital Magnet Fund | $999,000 |
| Community Development Block Grant | $154,000 |
| DAH-2* | $2,006,861 |
| Community Revitalization* | $993,139 |
| ERA 2 | $4,223,182 |
| HOME-ARP | $2,000,000 |
| RI Foundation | $3,000,000 |
| Priority Projects Fund | $8,335,000 |
| Federal Earmark | $2,000,000 |
| Deferred Development Fee | $1,035,991 |
| Grants: RIFoundation, HMNE | $155,000 |
| Seller Loan | $656,250 |
| Other Source | $250,000 |
- Total Development Cost: $47,476,879
- SFRF Funds Expended: $3,000,000
*Sources funded by the State Fiscal Recovery Funds (“SFRF”).
