EAST PROVIDENCE — A groundbreaking ceremony was held earlier this week at the site of the new “Ivy Place” mixed use development at the corner of Ivy Street and Taunton Avenue in the …
EAST PROVIDENCE — A groundbreaking ceremony was held earlier this week at the site of the new “Ivy Place” mixed use development at the corner of Ivy Street and Taunton Avenue in the center of the city.
The residential/commercial project is being conducted by the local non-profit Neighborworks Blackstone River Valley, which will include 13 new homes.
Among the dignitaries in attendance for the event, which took place Tuesday, Sept. 6, were Carol Ventura, Executive Director, Rhode Island Housing; Josh Saal, Rhode Island Housing Secretary; U.S. Senator Jack Reed, East Providence Mayor Bob DaSilva; Rhode Island Gov. Dan McKee, U.S. Representative David Cicilline, Rhode Island Lt. Governor Sabina Matos and U.S. Senator Sheldon Whitehouse.
Ivy Place is on a vacant infill site located across the street from City Hall. Ten of the units, considered affordable workforce housing, will be sold to earners at or below 80% the area median income (AMI) and three units will be sold to households below 100% AMI.
The 13 homes will serve East Providence and Rhode Island families earning from $44,000 to $79,000 annually. The sales prices will range from $135,000 to $295,000.
Ivy Place is being developed by NeighborWorks Blackstone River Valley in partnership with Providence, Rhode Island-based Demeter LLC, with architectural design by Union Studio Architecture & Community Design, also of Providence.
Funding for Ivy Place comes from a variety of sources including BankRI with the Federal Home Loan Bank Boston Affordable Housing Program (AHP), the RI Office of Housing and Community Development using Building Homes RI (State Bond) funds and support from the East Providence Waterfront Commission’s Affordable Housing In-Lieu Trust fund.
"We are proud to be partnering with so many public and private partners on this important affordable housing & neighborhood revitalization initiative,” said NeighborWorks Blackstone River Valley Executive Director Joe Garelick.
Since first proposed in 2020, Ivy Place has received a Federal Home Loan Bank of Boston (FHLBank Boston) subsidy delivered through Bank Rhode Island for $295,000. Later, the Waterfront Commission approved ‘in lieu of” fees gained from the elimination of the affordable units component from the Kettle Point “luxury” development off Veterans Memorial Parkway. Earlier this year, Neighborworks received $578,397 through the state’s Building Homes Rhode Island (BHRI) program.
“Affordable housing has many favorable economic benefits,” said East Providence Waterfront Commission Chairman William Fazioli. “Research from Housing Works RI indicate that for every $1 invested in housing it will produce $16 in economic benefits.”