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East Bay CDC Completes Affordable Condos

East Bay Community Development Corporation will sell the Catherine Place homes for as little as $153,900

Bristol, RI (October 30, 2006) – State and local officials joined East Bay Community Development Corporation to cut the ribbon on the first of eight new affordable condos at Catherine Place in Bristol. The homes will sell for as little as $153,900 in a town where the median sales price of a condo was $380,000 last year. The two- and three-bedroom units will replace a rundown tenement building Bristol’s historic district.

The condos will be affordable to homebuyers earning as little as 80 percent of Bristol’s median family income, or no more than $52,700 for a household of three, for example. Homebuyers are also expected to be eligible for low-interest mortgages and other assistance through Rhode Island Housing, the state’s principal housing agency.

The financing for the $1.7 million initiative comes from Rhode Island Housing, the state Housing Resources Commission and the town of Bristol. State Sen. Chuck Levesque and state Rep. Ray Gallison spoke at the ceremony.

“These homes chip away at a housing shortage that has seen local real estate prices more than double since 2000. But even adding eight new homes a year is not the answer for the nearly 1,000 Bristol families who pay more than half their income for housing,” said Chris Barnett, spokesman for Rhode Island Housing.

The ground-breaking came as voters are being asked to approve a $50 million bond issue for housing on November’s ballot. Question 9 would double the number of affordable houses and apartments currently being created in Rhode Island.

As the state’s principal housing agency, Rhode Island Housing provides reduced-rate mortgages to assist everyday Rhode Islanders who find it challenging to purchase their first home. The agency also provides education, advocacy and consumer counseling to help its customers keep their homes. In addition, it offers special programs to ensure these homes are safe and healthy.

Affiliated Sites

Rhode Island Housing Help Center HHFRI Rhode Island Housing Online Homebuyer Education HousingSearchRI.org HousingWorksRI Fair Housing Rhode Island Equal Housing Opportunity