PROVIDENCE – A $12.5 million affordable housing project on Smith Hill ceremonially broke ground last week.
A joint venture between the Smith Hill Community Development Corp. and Warwick-based Dimeo Properties Inc., the project will create 28 two-bedroom homes, 18 three-bedroom homes, five four-bedroom homes and one single-bedroom home. The development includes rehabbing 19 foreclosed and abandoned properties and constructing one new building. The new apartments will come online on a staggered schedule beginning in eight months and with the last one opening by spring 2011.
“The Smith Hill area was hit particularly hard by the foreclosure crisis,” said Francis Smith, the executive director of the community development corporation. “Through efforts like this, we have learned that not only will the targeted properties benefit, but it will have a ripple effect, increasing the value of neighboring properties, and improving the overall pride and sense of place for Smith Hill residents.”
The apartments will be affordable to families with household incomes at or below 51 percent area median income. It follows Visions I, a project that dates back to 1995 and created 26 rental homes and several ownership opportunities.
“Each time we transform a vacant lot or a foreclosed property into affordable homes, we’re helping to strengthen families and revitalize our neighborhoods,” Mayor David N. Cicilline said. “The city of Providence is proud to support Visions II. This is an example of what can happen when we have strong community partners and dedicated leaders in Washington advocating for families.”
Other partners on the project included Rhode Island Housing and various state programs as well as the private Local Initiatives Support Corporation.
