Research & Reporting > State Fiscal Recovery Funds Dashboard > The Avenue
Last Updated: 10.18.2024
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: 12% 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: $3,874,000
* Sources funded by the State Fiscal Recovery Funds (“SFRF”).
Site visit: 9.25.24
