Ribbon cutting held for affordable housing property in Olneyville

Updated at 3:33 p.m.

PROVIDENCE – A ribbon-cutting ceremony for 30 new affordable rental apartments in the Olneyville neighborhood was held Monday. 

The King Street Commons, located at 33 King Street, was developed by ONE Neighborhood Builders. The 2.5-acre property also features a child care center that will be opened in September and operated by Children’s Friend.

Financing for the property included $11.7 million in Low Income Housing Tax Credit equity; $2 million from Building HOMES RI; a $960,000 RIHousing Preservation and Revitalization Loan, a $610,000 RIHousing mortgage; and $337,000 mortgage from LISC Rhode Island, ONE Neighborhood Builders said.

The ribbon-cutting was attended by Rhode Island Democratic Sens. Jack Reed and Sheldon Whitehouse, Gov. Daniel J. McKee, Lt. Gov. Sabina A. Matos and Mayor Jorge O. Elorza.

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They also celebrated ONE Neighborhood Builders’ completion of its Sheridan Small Homes condominium development.

All five homes are under contract with first-time homebuyers. At 750 square feet, these 2-bedroom, 1.5-bathroom homes are Rhode Island’s first low-income, deed-restricted and Passive-House Certified development, according to the nonprofit.

Sheridan Small Homes is clustered on three-quarters of an acre of land and adjacent to the Fred Lippitt bike path.

(CORRECTS location of event to Olneyville; UPDATES throughout.)