East Providence to meet state affordable-housing goal with Sutton Place project

A DESIGN RENDERING of the two-building Sutton Place apartment development in East Providence, which will be renovated and deed-restricted to be leased at affordable rates. / COURTESY ED WOJCIK ARCHITECT LTD.

EAST PROVIDENCE – ONE Neighborhood Builders, a Providence-based community development nonprofit, has purchased a 36-unit apartment complex in East Providence for $3.3 million, the organization announced recently.

It plans to renovate the units and create deed-restricted affordable housing at the site, called Sutton Place.

The property at 54 and 60 Sutton Ave. in East Providence consists of two identical buildings. The renovation and deed restriction will allow the city of East Providence to become the seventh of Rhode Island’s 39 communities to meet a state goal to have 10% of the housing stock leased at affordable rates for low- to moderate-income households.

The R.I. Housing and Mortgage Finance Corp. provided mortgage and renovation financing. The total development costs are estimated at $5.8 million.

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The project represents the first venture out of Providence for ONE Neighborhood Builders, which plans to continue to expand its footprint into additional communities.

Mary MacDonald is a staff writer for the PBN. Contact her at MacDonald@PBN.com.

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