Building on this momentum and as an example of city-supported redevelopment, Mayor Smiley announced that the PRA has acquired the vacant parcel at
322 Washington Street for $1.685 million, paving the way for
76 new affordable rental homes in the heart of Downtown Providence. The site, appraised at $1.94 million, will be developed in partnership with Lincoln Avenue Communities, a national affordable housing firm with projects in 28 states. The planned development will include 68 units affordable to households earning 60–79% of area median income (AMI) and 8 deeply affordable units reserved for residents earning 0–30% of AMI, advancing the City’s vision to create high-quality, mixed-income housing opportunities close to jobs, transit, and amenities.
“The acquisition of 322 Washington Street is a vital step toward ensuring that downtown Providence remains a place where everyone can live, work, and thrive,” said
Scott Shaw, VP & Regional Project Partner, Development of Lincoln Avenue Communities. “The PRA’s proactive approach to secure this site will result in the creation of new opportunities for affordable housing and community-centered development. Lincoln Avenue Communities
’ goal is to make sure that growth in Providence reflects the needs of all residents — building a more inclusive, equitable, and connected city for generations to come.”
PROVIDENCE, RI – Mayor Brett P. Smiley and the Providence Department of Housing and Human Services today joined Representative Tina Spears, Rhode Island Executive Office of Housing Secretary Deborah Goddard, Lincoln Avenue Communities Vice President and Regional Project Partner Scott Shaw and...
www.providenceri.gov
