Research & Reporting > State Fiscal Recovery Funds Dashboard > The Avenue
Last Updated: 08.14.2024
Rhode Island Affordable Development Activities
The Avenue
Providence
Developer: ONE Neighborhood Builders
- Anticipated Completion Date: Q3 2026
- Total Units: 85
- Total Affordable Units: 85
- Affordability: 30% – 80% AMI
- Construction Status: 7% complete
Funding Sources and Amount:
Source | Amount |
LIHTC Proceeds ? 4% | $13,332,104 |
DAH-2* | $3,874,000 |
Community Revitalization* | $2,000,000 |
Building Homes Rhode Island | $3,445,000 |
Preservation Loan Fund Program | $1,500,000 |
RIH First Mortgage | $3,400,000 |
Assumed Debt (Rollover) | $2,453,600 |
Capital Magnet Fund | $952,001 |
City of Providence Affordable Housing Trust Fund | $802,000 |
Deferred Development Fee | $778,056 |
Total Development Cost: $32,536,761
SFRF Funds Expended: $2,605,709
* Sources funded by the State Fiscal Recovery Funds (“SFRF”).
![The Avenue Rendering Rendering of affordable apartments](https://www.rihousing.com/wp-content/uploads/The-Avenue-Rendering.jpg)
![The Avenue Groundbreaking 6.28.24 Building under construction](https://www.rihousing.com/wp-content/uploads/The-Avenue-Groundbreaking-6.28.24.jpg)
Groundbreaking: 06.28.24