Five Questions With: Jennifer Hawkins

Jennifer Hawkins is the executive director of ONE Neighborhood Builders. She spoke to the Providence Business News this week about the King Street Commons project, which recently was sold to the entity.

PBN: Please tell readers what the King Street Commons project entails.

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HAWKINS: King Street Commons, located in Providence, consists of 30 new apartments, the renovation of 32 existing apartments and the construction of four new Head Start classrooms for Children’s Friend.

The apartments will serve a range of households – those with incomes from 30% to 80% of area median income, or approximately $19,000 to $52,000 for two people.

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This $17.2 million project has the following [funding] sources: $11.7 million of equity from RBC Capital; $2 million of Building Homes RI bond funds; $610,000 first mortgage, $960,000 second mortgage and $1.5 million third mortgage from RI Housing; and a $398,000 sponsor loan via LISC Rhode Island.

PBN: The property recently closed. Obviously, we’ve entered a pandemic. Did that change any of the terms or slow the transaction?

HAWKINS: It was [a] huge relief to close on May 1. Rhode Island Housing did a tremendous job in working with us to get over the finish line. This project involves the rehab of occupied apartments. Given COVID-19 safety precautions, we will need to extend our construction timeline to ensure we can enter and exit these apartments while maximizing safety for the tenants and the construction workers. Factoring in this new reality did impact the transaction.

PBN: The state budget introduced by Gov. Gina M. Raimondo created a fund for permanent housing. Do you think it has a chance of being retained given the current budget forecast for fiscal year 2021?

HAWKINS: Yes. I believe the General Assembly recognizes that the state must ramp up production of housing that is affordable for all Rhode Islanders. Housing development drives economic development. And housing is health care.

After what we have all gone through these past two months, I do not think anyone can dismiss the idea that safe, uncrowded, stable housing is essential for staying healthy. The housing and infrastructure bond and the permanent funding stream will not add to our budget deficit. These investments will stimulate the state’s economic recovery.

PBN: What is the current demand in this neighborhood for the housing?

HAWKINS: The city of Providence recently completed an analysis of the demand for housing, up and down the affordability scale. I look forward to reading the report.

I know that we have zero vacancies in our 371 affordable apartments and that our waitlist is months long. I also know that our Central Providence Health Equity Zone – Olneyville, Federal Hill, Hartford and Valley neighborhoods – has experienced the greatest number of confirmed COVID-19 cases and is second only to Central Falls for the greatest number per capita.

This past summer we completed a survey of 376 residents regarding “social determinants of health.” Forty-three percent of respondents said inability to secure affordable housing was their top barrier to health and 46% said inability to earn a living wage.

It is tragic, though unsurprising, that our neighborhoods are among the hardest hit in the state. The new normal must include massive investments in housing production and proven workforce-development solutions like registered apprenticeships.

PBN: How will the units be rented – through a wait list and lottery?

HAWKINS: We will begin accepting applications next spring. We expect to lease the new apartments quickly and then maintain a wait list.

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