National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Olney Village Apartments

Olney Village Apartments

Family Housing

Olney Village Apartments is the revitalization of 16 parcels of vacant land and distressed buildings in the Olneyville neighborhood of Providence, Rhode Island, into 40 affordable homes and three commercial spaces. The commercial spaces currently house a clubhouse for the Manton Avenue Project, which teaches playwriting skills to high-school aged neighborhood residents and a permanent home for the St. Teresa’s Food Pantry, which provides emergency food services to more than 7,000 families per month. The third space has not yet been spoken for but will likely be utilized by an after-school program.

The three one-, 16 two-, 15 three- and six four-bedroom apartments are affordable to families earning at or below 60 percent of Area Median Income and feature amenities such as a dishwasher, microwave, blinds, laundry hook-ups, Internet access and storage.

Founded in 1988, sponsor Olneyville Housing Corporation has developed 118 units of affordable rental apartments and built more than 45 homes sold to low-income families. OHC also coordinates an award-winning neighborhood safety initiative built around neighborhood-based crime prevention and reduction techniques.

National Equity Fund® invested $9 million of LIHTC equity in Olney Village through its proprietary fund with TD Bank, N.A. Olney Village is NEF’s third partnership with OHC.


Project Details

Completed
2013
Location
66 Chaffee Street
Providence, RI
Project Type
Family
Total Units
43
Mix of Residences
3-1 br; 16-2 br; 15-3 br;
6-4 br; 3 commercial
Limited Partnership
Olney Village, LP
Tax Credit Equity
$9 million
Total Project Costs
$11 million
Sponsor
Olneyville Housing Corporation
Permanent Lenders
-Rhode Island Housing & Mortgage Finance Corp.
-Olneyville Housing Corporation
Awards
2015 Charles L. Edson
Tax Credit Excellence Award
Honorable Mention
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