Down-city development in E.P. gains federal funding

Regional authority earmarks monies to “Ivy Place” project

Posted 1/3/20

EAST PROVIDENCE — The “Ivy Place” residential project planned at the corner of Ivy Street and Taunton Avenue in the center of the city received a boost at the close of 2019 when it …

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Down-city development in E.P. gains federal funding

Regional authority earmarks monies to “Ivy Place” project

Posted

EAST PROVIDENCE — The “Ivy Place” residential project planned at the corner of Ivy Street and Taunton Avenue in the center of the city received a boost at the close of 2019 when it was included in a batch of Federal Home Loan Bank of Boston (FHLBank Boston) grants, loans and interest-rate subsidies in the amount of over $57.5 million to support 37 affordable housing initiatives in New England.

Delivered through Bank Rhode Island (BankRI), the subsidy for the project is $295,000. Ivy Place will include a total of 13 first-time homebuyer units. Of those, six will be offered to households earning below 60% of the area median income (AMI). Four will target buyers earning below 80% AMI and the other three will be listed as full market-rate units.

The homes will be part of a mixed-use development that includes live-work space for small entrepreneurs. The grants and loans will be used to help pay construction, acquisition or rehabilitation costs. Bank of Rhode Island will provide construction financing for Ivy Place.

The Ivy Place proposal dates back to 2017 when contractors AR Builders, of Pittsburgh, Penn., twice made approaches to the Waterfront Commission, seeking to completely eliminate the affordable units component from the Kettle Point “luxury” development off Veterans Memorial Parkway.

Both times AR agreed to pay so-called “in lieu of fees,” those monies, just under $1 million, to be directed specifically to the Ivy Place plan. The commission eventually approved the changes, removing the minimum 10 percent affordable aspect of the Kettle Point project with AR agreeing to make two payments in the amount of $488,000 each time to do so.

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A lifelong Portsmouth resident, Jim graduated from Portsmouth High School in 1982 and earned a journalism degree from the University of Rhode Island in 1986. He's worked two different stints at East Bay Newspapers, for a total of 18 years with the company so far. When not running all over town bringing you the news from Portsmouth, Jim listens to lots and lots and lots of music, watches obscure silent films from the '20s and usually has three books going at once. He also loves to cook crazy New Orleans dishes for his wife of 25 years, Michelle, and their two sons, Jake and Max.