Two mixed-use buildings opened fully leased in South Providence

SWAP INC., a nonprofit community development corp., has opened two newly built mixed-use buildings in South Providence. / COURTESY SWAP INC.

PROVIDENCE – Two new buildings in South Providence were dedicated this week that created eight apartments for low-to-moderate income residents and space for several businesses.

The buildings at 1043-1045 Broad St. were financed and constructed by SWAP Inc., a nonprofit community development organization.

The $1.96 million project rose on a lot that had previously had a building that was vacant and derelict for 10 years, and eventually acquired by the city.

The new apartments include six that will be rented to people who earn up to 60% of the area median income. Two additional apartments will be leased to people with disabilities who earn up to 30% of the area median income, according to Carla DeStefano, SWAP executive director. “They are units that have been specifically set aside to allow residents with disabilities to live independently in the community,” DeStefano said.

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All of the apartments are one-bedroom units.

Tenants have already been selected, she said, and will move in in August. The tenants are drawn from a list of people maintained by SWAP. The list has about 1,400 to 1,500 names, she said, and every year SWAP updates it. Usually about 80 to 85% of the people who have filled out applications say they are still looking for an affordable apartment.

This year, she said, about 95 to 96% of the people said they were still looking.

“It’s really rough out there,” she said.

The commercial tenants include a local real estate company, a community organization and a mobile phone store.

The project was financed using federal Low Income Housing Tax Credits issued through the R.I. Housing and Mortgage Finance Corp., state bond funds, LISC funds, and assistance from the city of Providence.  Bank Rhode Island provided the commercial loan.

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

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