Home Economy Government Officials break ground on Broad Street Homes project in Central Falls

Officials break ground on Broad Street Homes project in Central Falls

By

James Bessette

-

05/30/2025

A RENDERING shows a new four-story building with affordable housing units that will be constructed as part of the Broad Street Homes project in Central Falls. / COURTESY ONE NEIGHBORHOOD BUILDERS

CENTRAL FALLS – Local elected officials and affordable-housing development leaders on Friday formally broke ground on One Neighborhood Builders’ $26 million Broad Street Homes project. The project, which is the first development by One Neighborhood Builders within the city, includes a new four-story building at 524 Broad St. and reusing a former police station and

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CENTRAL FALLS – Local elected officials and affordable-housing development leaders on Friday formally broke ground on One Neighborhood Builders’ $26 million Broad Street Homes project. The project, which is the first development by One Neighborhood Builders within the city, includes a new four-story building at 524 Broad St. and reusing a former police station and courthouse building at 511 Broad St. In total, the project will create 46 affordable housing units to low-income households earning less than 60% of the area median income. Mayor Maria L. Rivera said in a statement that the Broad Street Homes project is a “major step” toward the city’s goal of adding 200 new housing units during her mayoral tenure. “Today we’re not just breaking ground; we’re breaking through the barriers that families in Central Falls face when trying to find affordable housing,” Rivera said. “Broad Street Homes represents a promise kept to our community.” Funding for the project includes $2 million in federal money secured by U.S. Sen. Jack Reed, D-R.I., and more than $12 million in equity proceeds from a 4% Low Income Housing Tax Credits allocation, One Neighborhood Builders says. The project is also being financed with more than $7 million through the Development of Affordable Housing Program, $2.5 million through a R.I. Housing and Mortgage Finance Corp. first mortgage program, $2 million via the Community Revitalization Program and $250,000 through the American Rescue Plan Act Predevelopment Program. Peter Chapman, One Neighborhood Builders’ CEO and president, said in a statement the organization’s expansion to build affordable housing in the city resulted from a years-long effort to build “critically needed housing.” He also hopes Broad Street Homes is the start of many similar developments to take place within the city. Companies involved with the project are DBVW Architects, Pezzuco Construction, Commonwealth Engineers & Consultants, FR Engineering and SAGE Environmental. The project is expected to be completed by December 2026. James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on X at @James_Bessette.