Providence, RI – Mayor Jorge O. Elorza today announced
approval of financing by RIHousing to facilitate the sale of the Barbara Jordan
I development to OmniNY, a New York-based, minority-owned firm. Omni is
proposing to undertake approximately $16.3 million of rehabilitation and will
preserve the units as affordable for the next 40 years.
“The sale and rehabilitation of Barbara Jordan I will
dramatically improve the quality of life in the South Side," said Mayor
Jorge Elorza. "Addressing properties like this, and ensuring they are
developed as affordable housing has been a top priority for my team. We will
continue to work with partners, like RIHousing, to make sure that these homes
are maintained and remain accessible to the community.”
Barbara Jordan I is a large scattered site development
consisting of 193 units in 82 buildings in South Providence. The properties are
located near I-95 and Thurbers Avenue and are within walking distance of
transportation, shopping, churches and local schools.
“Our state is facing a severe housing shortage, so it is
imperative that we preserve existing housing. The sale of Barbara Jordan I
provides major improvements to nearly 200 apartments in a neighborhood that is
feeling tremendous pressure from Providence’s tight housing market,” said
Barbara Fields, Executive Director of RIHousing. “RIHousing is proud to work
with our partners to ensure that Barbara Jordan I remains a part of the
community. This is an opportunity to make a tremendous impact in South
Providence – and will create nearly 350 jobs – and we are grateful to Mayor
Elorza for his leadership in shepherding this deal to closing.”
OmniNY is a privately-held real estate development,
construction and property management firm founded to help revitalize
neighborhoods. Since 2004, Omni and its affiliates have acquired 63
properties/12,000 housing apartments valuing approximately $1.5 billion.
RIHousing today approved $26.39 million in tax-exempt
financing and Low Income Housing Tax Credits.