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Plans underway for affordable housing in Olneyville section of Providence

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PROVIDENCE, Rhode Island — A nonprofit working to revitalize the Olneyville section of Providence plans to turn foreclosed properties in the neighborhood into affordable housing units.

The Providence Journal reports (http://bit.ly/1BM8xI1 ) that the Olneyville Housing Corporation's executive director, Frank Shea, says they have acquired several foreclosed properties around Amherst and Chaffee streets and that about 38 affordable apartments could be created if funding and tax credits can be acquired.

The plans include housing for homeless individuals. The corporation is working on a five-year plan to transform the neighborhood.

According to the corporation, the median household income in Olneyville is nearly $20,000 less than the state median and its unemployment rate is higher than the state rate.

A development with 40 affordable homes opened in Olneyville in 2013.

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