Homeownership Initiative

 

Up to 20 homes will be developed at scattered sites in Olneyville as part of this initiative.    The Riverside Townhomes Project developed one large vacant parcel of land near the Riverside Gateway Apartments into new townhouse units for homeownership. 

The ownership structure of all new homes is organized in the form of a community land trust, in which the land is leased

under a long term renewable lease and the house sold to the owner.   The land trust guidelines ensure that the home  will always remain affordable, even when resold. 

The Homeownership Initiative involves the development of affordable homes in Olneyville for purchase by first-time homebuyer families with annual incomes between 50% and 80% of median income in the Providence area.  It creates opportunities for neighborhood families to purchase affordable homes of their own; increase investment and improve the physical quality of life in the neighborhood; return derelict properties to the tax rolls and enhance the prospects for a more stable community.