Carol Ventura is the interim CEO and executive director of the R.I. Housing and Mortgage Finance Corp., the state’s housing finance corporation. For almost 20 years, she has helped the state’s residents access housing in her roles as deputy director, director of development and assistant director of the policy division. She holds an MBA from Bryant University.
PBN: What is the Housing Opportunity Bond and how did R.I. Housing decide how to disperse its funds?
VENTURA: On Nov. 8, 2016, Rhode Island voters passed a state bond referendum authorizing the issuance of a $50 million Housing Opportunity Bond, $10 million of which was earmarked for urban revitalization and blight remediation. Voters authorized the state to use these funds to develop and implement a program for the improvement of properties that are blighted or in need of revitalization. That program is known formally as the Acquisition and Revitalization Program. R.I. Housing was tasked by [the R.I. Commerce Corp.] to administer this program.
PBN: The developments most recently awarded funds included several in Pawtucket and Providence. Why were these two cities chosen as the focus?
VENTURA: The purpose of the program is to stabilize neighborhoods and communities by strategically targeting foreclosed and/or blighted properties and vacant lots in need of redevelopment. ARP funding is available statewide, but 75% of the funding is set aside for urban communities and must provide housing opportunities for low- and moderate-income individuals and families.
ARP funds are awarded through a competitive bidding process. Program funds have gone to a diverse mix of cities and towns, beyond Providence and Pawtucket, including Central Falls, Coventry and Woonsocket.
PBN: Please explain what the Althea Revitalization Project is, one of the awarded projects.
VENTURA: The Althea Street Revitalization Project includes renovations to 245 Althea St., the former Asa Messer Annex school building in Providence’s West End [neighborhood] and is being done in collaboration with Children’s Friend.
The catalyst for [the program] is federal funding through the Office of Head Start to extend Head Start operations from the current morning or afternoon programs to full-day/full-year for children ages 3-5. In addition to expanded Head Start hours, the project aims to create a center for excellence to include health, basic needs and critical services in a central location.
The revitalization funded with $135,392 includes comprehensive renovation of the basement, first and second floors, masonry repairs, new windows, HVAC, plumbing, electrical and fire protection upgrades. A new entrance area is also being constructed to include lobby, vestibule, elevator and improved security. Construction is underway and expected to be completed this summer.
PBN: What is the Composition in Providence, another project?
VENTURA: The Composition project is part of the 1043 Broad St. and Friendship/Pine Preservation. This phase, utilizing $1 million in ARP funds, will consist of demolition of an existing building and construction of a new building that will create eight new construction affordable apartments and 1,400 square feet of commercial and community space. The overall project will also include preservation of 76 affordable apartments in South Providence.
PBN: How much demand is there for these funds and will additional rounds be considered?
VENTURA: Our most recent, and final, round of ARP funding was announced in June. The awards totaled approximately $4.7 million. Projects often have a variety of funding sources and are not exclusively funded through R.I. Housing or this program.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
