Olney Village Honored with Competitive National Excellence Award for Affordable Housing

Providence, RI – Olney Village Apartments, a mixed-use development in Providence’s Olneyville neighborhood, received an honorable mention in the Metropolitan/Urban Housing category at the 21st Annual Charles L. Edson Tax Credit Excellence Awards today in Washington, D.C. Presented to the most outstanding Low-Income Housing Tax Credit properties in the country across seven categories by the Affordable Housing Tax Credit Coalition, the Edson Awards celebrate developments at the forefront of creating stronger, healthier communities nationwide.

“Olney Village has taken one of our most challenging neighborhoods, and through community engagement, innovative financing and creative partnerships, has breathed new life back into it as well as the surrounding community,” said Congressman Jim Langevin. “This once-blighted area has been successfully revitalized, and I am thrilled to see their outstanding work recognized by the Charles L. Edson Tax Credit Excellence Awards.”

Developer and sponsor ONE Neighborhood Builders, formerly known as the Olneyville Housing Corporation, revitalized 16 parcels of land and distressed buildings located near D’Abate Elementary School to create Olney Village. The resulting development includes 40 residences divided into one-, two-, three-, and four-bedroom affordable apartments. The apartments serve low-income families earning at or below 60 percent of the area median income, or $44,640 for a family of four.

Frank Shea, Executive Director of ONE Neighborhood Builders, was on-hand at the awards ceremony in Washington D.C. to receive the award.

“We are honored to receive national recognition for the Olney Village development,” said Frank Shea, Executive Director of ONE Neighborhood Builders. “Working with our partners, we revitalized the neighborhood around a local elementary school by turning vacant and abandoned properties to productive use as affordable housing, a food bank, and space for neighborhood organizations. Today, Olney Village is a vibrant hub of the Olneyville neighborhood and an important part of our Capital City.”

The developer worked closely with Rhode Island Housing to acquire foreclosed and blighted properties through both the Rhode Island Housing and Neighborhood Stabilization Program land banks. The $11 million development included first mortgage financing from Rhode Island Housing and other federal and state resources, including funding from the Building Homes Rhode Island affordable housing bond. Financing also included a $9 million equity investment syndicated by National Equity Fund under the federal Low-Income Housing Tax Credit program.

“I am thrilled that Olney Village is being recognized on a national stage with this prestigious and well-deserved honor,” said Rhode Island Housing’s Executive Director Barbara Fields. “Olney Village is a tremendous example of how affordable housing can make a neighborhood a better place to live, work and raise a family. We are proud to partner with ONE Neighborhood Builders to make a real difference in our Capital City.”

In addition to rental homes, Olney Village includes community space where area nonprofit organizations have the opportunity to connect directly with neighborhood residents. The Olneyville Food Center, a food bank on the first floor of a mixed-use building, provides emergency food to over 7,000 families each month and is conveniently located at a prominent intersection along a bus route. The food pantry’s move to Olney Village was the culmination of three years of waiting for a permanent home.

Olney Village is also home to the Manton Avenue Project, a community group that mentors and teaches theatre and playwriting skills to children in the neighborhood. This flourishing youth arts program is located is a building that had been vacant for more than a decade.

“Extraordinary things happen when you have great partners and Olney Village Apartments is a perfect example of that belief,” commented Joseph S. Hagan, president and CEO of National Equity Fund.

A panel of five judges selected seven first place finishers and seven honorable mentions for this year’s awards program. The Edson Awards are given by the Affordable Housing Tax Credit Coalition and are named for Charles L. Edson, an affordable housing luminary who was Transition Director for the U.S. Department of Housing and Urban Development (HUD) on President Carter’s Transition Staff. Mr. Edson served in the Office of the General Counsel at HUD and was for nearly 40 years Co-Editor-in-Chief of Housing and Development Reporter. He is a founding partner of the law firm Lane and Edson, and was later a partner of Nixon Peabody LLP. He now lectures to business and professional organizations and trade associations—many of which he founded—on housing and development.

“The Edson Awards recognize the Housing Credit’s ability to lift up communities, and this year’s winners remind us just how instrumental the program is,” said Todd Crow, President of the Affordable Housing Tax Credit Coalition. “As the only significant source of funding for affordable housing, the Housing Credit must be protected and expanded so developments like Olney Village Apartments can continue to provide residents a safe, stable, affordable place to call home, in Rhode Island and across the country.”

About the Affordable Housing Tax Credit Coalition

The Affordable Housing Tax Credit Coalition represents syndicators, developers, lenders, institutional investors, nonprofit groups, public agencies, and other allied professionals (including accountants, lawyers, and compliance spet) concerned with the Housing Credit program.  The Coalition, a nonprofit corporation chartered under the laws of the District of Columbia, is governed by an elected Board of Directors. Please visitwww.taxcreditcoailtion.org for more information about joining the Affordable Housing Tax Credit Coalition.

The Housing Credit program was created as part of the Tax Reform Act of 1986.  Today, the Housing Credit is widely regarded as the nation’s most successful housing production program ever, resulting in the construction and rehabilitation of more than 2.6 million housing units for low- and moderate-income Americans.  In addition to producing housing, the Credit also contributes to the revitalization of distressed low-income communities and creates needed jobs.  It is estimated that building 100 multifamily units generates 122 local jobs during the first year of construction and 46 jobs every year thereafter.

About ONE Neighborhood Builders

Combining the strength, history and expertise of two impactful nonprofit agencies – Olneyville Housing Corporation & Community Works Rhode Island – ONE Neighborhood Builders continues the work of community revitalization in the Olneyville and Elmwood neighborhoods of Providence.  ONE Neighborhood Builders promotes equity, community health and neighborhood growth through strategic real estate development and a focus on building community assets.

About Rhode Island Housing

Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.

 About National Equity Fund, Inc.

National Equity Fund, Inc. is a leading syndicator of Low Income Housing Tax Credits. The Chicago-based non-profit is an affiliate of the Local Initiatives Support Corporation and has played an integral role in creating affordable housing options, revitalizing communities and strengthening local economies for more than 27 years. It has invested $11.4 billion in 2,300 LIHTC developments, creating approximately 140,000 affordable homes for low-income families and individuals. For more information, visit www.nefinc.org/

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