PROVIDENCE – The nonprofit community development corporation Stop Wasting Abandoned Property in partnership with R.I. Housing, will commence “Revitalize Southside,” the next phase of its long-term plan to revitalize South Providence, it announced on Tuesday.
Revitalize Southside targets various neighborhoods in both upper and lower South Providence, including building rehabilitation on Somerset, Pearl, Providence, and Tanner Streets, and new construction on Arch, Bridgham, Lester, Broad, and Public streets, as well as Prairie Ave. The buildings and new developments include affordable housing, new commercial space for local businesses, and mixed-use community space.
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The SWAP program includes the preservation of Providence Tanner, an existing housing development that provides large family apartments.
Financing sources include $639,268 of Low Income Housing Tax Credits (which leveraged approximately $6.4 million in private equity), a $1.1 million Building Homes RI grant from the Rhode Island Housing Resources Commission, a $500,000 Affordable Housing grant from the Federal Home Loan Bank of Boston and $140,000 in CDBG funds from the City of Providence.
A ribbon-cutting for the project presided over by Providence Mayor Jorge Elorza will take place at 814 Broad St. on Wed. at 11:30 a.m.
Liz Lee is a reporter for PBN.
