As 2017 draws to a close, RIHousing has a lot to
celebrate. This year, we invested millions of dollars in developments across
the state, putting people to work and helping thousands of Rhode Island
families find and keep an apartment or buy a home.
Our investments don’t just create homes: each new
development improves the whole community. When an individual or family buys a
home, they are able to put down roots in the neighborhood. They shop at local
stores, dine at local restaurants and give back to the community. And let’s not
forget: building and buying homes creates jobs for hundreds of construction
workers, architects, electricians, real estate professionals, mortgage brokers
and others.
Earlier this year, we celebrated a groundbreaking at 60
King Street at Providence, the site of the former Imperial Knife Factory, which
provided jobs for many people in the Olneyville neighborhood. Like many mills
around New England, when the factory closed, the building stood vacant and fell
into disrepair. It was cut off from the rest of the neighborhood and became a
magnet for crime and vandalism.
In that blighted building, a coalition of partners saw
potential. With investments from a host of sources, including a first mortgage
and federal HOME funding from RIHousing, Trinity Financial is now undertaking
more than $21 million in renovation and turning the mill into apartments for 60
families. The redevelopment is contributing to more than a decade of
significant investments in Olneyville. In fact, Providence Mayor Jorge Elorza,
whose parents once worked in Olneyville mills, called 60 King “a
transformational project” for the neighborhood.
Another transformation is Greenridge Commons, a
development of 96 townhomes, apartments and commercial space in the Pascoag area
of Burrillville. As our Executive Director Barbara Fields noted at Greenridge’s
ribbon cutting last month, developments like Greenridge “break down negative
perceptions associated with affordable housing.” Built on a 200-arce site, the
development preserves open space while creating homes that are in keeping with
the character of Pascoag’s architecture and history.
Investments like Greenridge and 60 King are only possible
thanks to our many partners – developers, banks CDCs and investors.
For many people, homeownership represents achieving part
of the American dream. Here at RIHousing, we are so proud to be able to help by
providing mortgages for first-time homebuyers. In fact, we financed an all-time
high 531 mortgages in Q3. Totaling over $106 million, this represents
RIHousing’s highest single-quarter mortgage volume in our 44-year history. But
these aren’t just numbers for us – this means that we helped hundreds of Rhode
Island families become homeowners.
We are extremely proud of the work we did in 2017, and
are looking forward to an even better New Year. From all of us here at
RIHousing, happy holidays and best wishes for 2018.
