Residences at Riverside Square Open

One year after construction started in Riverside Square, the gleaming new Residences at Riverside Square held a ribbon cutting ceremony and is ready for occupancy.  The 16-unit affordable apartment building reserves three units for children aging out of foster care. The Residences at Riverside Square development, known as the “old Vamco site” at 336 Bullocks Point Avenue, in East Providence, created 16 new affordable rental apartments for extremely low- to moderate-income households, three of which will be reserved for youth aging out of foster care. The work to house those young adults will be done in partnership with Foster Forward, an East Providence-based nonprofit. The redevelopment of this site will revitalize a long-vacant and blighted property adjacent to the East Bay Bike Path. The property includes a mix of 16 apartments with 16 off-street parking spaces.  Apartments are limited to very low to moderate-income households.

In 2021 East Providence officials accepted the Request for Proposal application by One Neighborhood Builders, which also bought the old Bowling Academy and adjacent vacant property on Taunton Avenue.  They are now in the process of refurbishing Taunton Avenue with construction expected to start soon, but funding is still a question with today’s increased building costs and rising interest rates.  The Riverside Square complex will include six one and two bedroom flats on either end over three floors with four two-story townhouses in between. One of the apartments will be Americans with Disabilities Act compliant while another will be an audio/visual accessible unit. “It was an honor to join our partners ONE Neighborhood Builders and Foster Forward as well as RI Housing, Senator Val Lawson,  Congressman Gabe Amo, RI Housing Secretary Stefan Pryor and Bob Rodericks, City Council President as well as East Providence Housing and many members of our community to cut the ribbon today,” said Mayor Bob DaSilva.  “As mayor I often hear from our residents about the lack of affordable housing. This project not only provides options for our residents, but it is a unique project in that it reserves 3 units for children aging out of foster care. It is a cause that is not only near and dear to me but brings me great pride to know that we are the home to this incredible project,” added DaSilva.

Riverside Square is considered a “pocket neighborhood” undergoing a renaissance, with significant investments being made by homeowners and merchants, as well as by the City of East Providence to bring art, sitting areas, landscaping, and other aesthetic improvements along the East Bay Bike Path that connects to Providence and south through Barrington, Warren, and Bristol. As part of a new development standard, ONE|NB will endeavor to provide free, in-home, internet access to all tenants of these rental developments.

1-bedroom apartments available for individuals/households that meet the 60% area median income criteria.

2-bedroom apartments available individuals/households that meet the 60% or 80% area median income criteria.

“Area median income, often referred to as simply AMI, is a key metric in affordable housing. Eligibility for our apartments is dependent upon your household income and the number of people living in your house.  Monthly rents are calculated based on income and household size but range from $1,180 to $1,348 for a 1-bedroom apartment and $1,349 to $2,024 for a 2-bedroom apartment.  Apartment eligibility and AMI can get confusing, but these units are truly reserved for lower income renters,” said Kate Bramson of One Neighborhood Builders.

1-Bedroom, 60% AMI Income Limits
Family Size / Maximum Household Income
1 Person up to $43,020
2 People up to $49,200

2-Bedroom, 60% AMI Income Limits
Family Size / Maximum Household Income
1 Person up to $43,020
2 Person up to $49,200
3 Person up to $55,320
4 Person up to $61,440

2-Bedroom, 80% AMI Income Limits
Family Size / Maximum Household Income
1 Person up to $57,350
2 Person up to $65,550
3 Person up to $73,750
4 Person up to $81,900

The maximum income for many of the apartments may be much less.

The Housing Resources Commission $1,676,000 to ONE Neighborhood Builders for the 16-unit Residences at Riverside Square in East Providence.  Funding for these developments comes from the $50-million housing and community revitalization bond that Rhode Island voters approved in March. This approval of affordable housing developments includes $31 million to be allocated through the Building Homes Rhode Island program. The awards will produce or preserve more than 600 units of affordable housing in 13 cities and towns, according to Rhode Island Governor Dan McKee’s office.  “This is a start toward addressing the severe housing crisis in Rhode Island,” said Jennifer Hawkins, Executive Director of ONE Neighborhood Builders. “We continue to emphasize that Rhode Island must spend much more on affordable housing, and we continue to urge the State to invest $500 million of American Rescue Plan Act funds toward that end.”