New affordable apartments for South Providence receive financing

CARLA DESTEFANO is the director of SWAP – Stop Wasting Abandoned Properties. / PBN FILE PHOTO/MICHAEL SALERNO
CARLA DESTEFANO is the director of SWAP – Stop Wasting Abandoned Properties. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – Stop Wasting Abandoned Property Inc., a community development corporation, has received $15.5 million in financing to build additional affordable family housing in South Providence.

The organization on Friday announced the financing was in hand for The Composition, a project which will include preservation of 76 existing family apartments in the Pine Street area and new construction of two mixed-use buildings.

The new buildings will contain eight apartments, retail and commercial spaces and a community room, according to a news release.

Carla DeStefano, SWAP’s executive director, said the project will allow creation of affordable apartments, which have been identified as the most critical housing need in Rhode Island.

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The existing Pine Street apartments were built and last renovated 18 years ago. The renovations will include new energy efficient heating and mechanical systems, new roofs and interior improvements to units.

The two new Broad Street buildings will be constructed on a vacant lot previously owned by the Providence Redevelopment Authority.

The funds come from sources including the Housing Tax Credit Program administered by R.I. Housing and Mortgage Finance Corp., the state’s affordable housing bond program, city of Providence funds, Bank Rhode Island and Building Homes RI.

Construction is expected to begin in February.

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

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