CWRI sells nine condominium homes to first time homebuyers who will help to stabilize the Elmwood neighborhood during an economic recession.
August 15, 2009, Providence, RI
Community Works Rhode Island (CWRI) is thrilled to announce that it has sold nine condominium units to first time homebuyers, since December 2008 in Providence’s Elmwood neighborhood. Seven of the homes are in the historic Parkis Avenue condominium development, and two are in the Early Street condominium development. Four remaining units are currently for sale.
The success of these sales is the combination of marketing by Joseph McCarthy of Coldwell Banker Residential Brokerage, and a program by the City of Providence to provide qualified homebuyers with downpayment assistant grants of $10,000-20,000 through a shared equity program once the eligible buyer has completed a homeownership training class.
CWRI has redeveloped 18 properties on Parkis Avenue and has transformed a street of Victorian-era urban mansions into an award-winning new community with 90 rental and homeownership units for a mix of incomes. The Parkis Avenue redevelopment has won two awards from the Providence Preservation Society for neighborhood revitalization, and also the prestigious national MetLife Award in 2008 for a community safety initiative.
The Early Street condominiums include 10 income restricted units. Eight out of ten of the homes have been sold. This project is unique in that the property is owned as a land trust which keeps the property costs low for the condo owners, which is reflected in the pricing.
The Parkis and Early Street projects are among the first income restricted and mixed income condominium projects in Rhode Island to sell enough units to transition to associations that are managed by the owners. CWRI is currently working with a grant from Neighbor Works America to provide training to the Parkis condo owners to prepare them to take on the management of the association.
Carrie Marsh, Executive Director of Community Works Rhode Island, said “We are thrilled with the recent sales that allow the vision for creating a sustainable community to be realized, particularly during a difficult economy. The sale of these units brings owner occupants with energy and commitment to stabilize their neighborhood. CWRI looks forward to continuing to work with the new owners to create and enhance their community.”
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