WARREN – The East Bay Community Development Corp. recently announced that it received a $800,000 grant through the R.I. Housing & Mortgage Finance Corp. Site Acquisition Program as part of its plan to build 40 affordable housing units on a 4.5-acre site at 581 Child St.
The apartments will include one-, two- and three-bedroom apartments at below-market rates to be rented out to residents earning a maximum of 60% of the area median income, according to East Bay Community Development.
The nonprofit affordable housing developer, founded in 1989, said the Child Street development will be called Penny Lane, in honor of the property’s current owner.
The 581 Child St. property is currently occupied by a single-family home.
Construction of Penny Lane is expected to start following approval from the Warren Planning Board in spring 2023, according to East Bay Community Development. The affordable housing units should be ready for occupancy by the end of 2025, the nonprofit said.
“We are so excited to continue to create safe, affordable homes for residents of Warren,” said Diane Mederos, executive director of the East Bay Community Development Corp. “We thank R.I. Housing and the town of Warren for their assistance and faith in our plans.”
The Penny Lane development would join the more than 500 units of housing developed by East Bay Community Development in the East Bay region.
Bob Rulli, Warren’s director of planning and community development, expressed support for the project.
“East Bay Community Development Corp. has been a great partner,” Rulli said, “and we look forward to continuing to work with them to make Penny Lane a reality and creating housing that is affordable to our public safety personnel, educators and young families.”
Marc Larocque is a PBN contributing writer.
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