Pawtucket Citizens Development Corporation named 2007 Housing Heroes Award recipient
Citizens Bank Foundation to provide $50,000 recognizing PCDC’s Littlefield Commons Project as innovative affordable housing developmentPawtucket, R.I. (April 3, 2007) - Pawtucket Citizens Development Corporation today was named the recipient of its 2007 Citizens Bank Housing Heroes Award announced Citizens’ Chairman, President & CEO Joseph J. MarcAurele. As part of the award, PCDC will receive a $50,000 grant from the Citizens Bank Foundation, and the opportunity to tap into the expertise of Citizens Bank’s CEO through the “President to President” program. The Housing Heroes grant program is an extension of the Citizens Housing Bank, a low-interest loan program designed to increase the supply of affordable housing units in the state.
“We are thrilled to name PCDC as the recipient of the 2007 Citizens Bank Housing Hero Award for the Littlefield Commons project,” said Joseph J. MarcAurele, Chairman, President & CEO of Citizens Bank of Rhode Island. “Citizens Bank recognizes the critical need for affordable housing in the state and we are pleased to celebrate the impact that non-profit developers, such as PCDC, are making in the lives of Rhode Island residents.”
The Housing Heroes award was designed to spotlight housing development that demonstrates innovative solutions, effective use of resources, leadership in creating affordable housing, strong fiscal responsibility and a comprehensive approach to community development and affordable housing.
PCDC was selected as the Housing Hero because of its excellence in developing affordable housing. During its 17-year history, PCDC has created more than 103 housing units in Pawtucket. Littlefield Commons is its newest development with five affordable ownership units and incorporates several unique and innovative attributes including:
· The project responded to the needs of the community by creating five affordable ownership units. The project is located in the Barton Street neighborhood where only seven percent of housing units are owner-occupied vs. 44 percent of housing units in the City of Pawtucket being owner-occupied.
· Littlefield Commons Condominiums has returned to its Victorian mansion roots after many years of neglect and being a well-known site of crime and illicit activity. The home had a reputation of being a “crack house, a flop house and a house of ill repute.”
· Residents of Littlefield Commons are income diverse. Two owners’ incomes are below 50% of median income; one owner’s income is below 60% of median income; and the remaining two owners’ incomes are below 80% of median income. This is unique as many affordable home ownership units produced by not-for-profit organizations are affordable only to families making 80% of median income.
· Littlefield Commons has received energy star and energy efficient ratings from Energy Star. Having an Energy Star labeled home indicates to the homebuyers that their energy-efficient homes are more comfortable, more durable, cost less to own and are better for the environment.
· PCDC created for the project a replacement reserve account for $5,000 per unit after all the units were sold. The property is managed by Ferland Property Management who is also responsible for the Replacement Reserve account.
As part of the $50,000 grant form the Citizens Bank Foundation, $10,000 is designated for a resident-related program. PCDC will use these funds to purchase outside playground equipment for the younger children in residence at Littlefield Commons. PCDC also will use this part of the award to work with the older youth who live in the building to create a property beautification project – planting flowers in large planters for the porches and maintain them during the summer months. Youth also will be encouraged to weed the beds where shrubs are planted and clean the enclosure for the trash cans.
"We are honored to be recognized by Citizens Bank as a Housing Hero," said Nancy Whit, Executive Director of PCDC. "We will use the resources that this award brings to further our housing production goal of creating 100 new units of affordable housing in Pawtucket. We are grateful to Citizens Bank for this recognition and for its efforts to support and promote affordable housing throughout Rhode Island."
The Housing Heroes grant program, in an effort to recognize a successful project that has created affordable housing units in the state, was available to any non-profit developer who has completed an affordable housing project in the past two years.
The Citizens Housing Bank Loan Program, a $200 million loan commitment, was designed to address this need by providing non-profit developers with the low-cost funding they need to create a new supply of affordable housing units for rental or homeownership and increase neighborhood stability through new homeownership opportunities. More than 1,700 units have been created across New England directly from the program.
About Citizens Bank of Rhode Island
Citizens Bank of Rhode Island, with $14 billion in assets, 77 branches and 144 ATMs, has the largest branch banking network in Rhode Island. It is a subsidiary of Citizens Financial Group, Inc., a $161 billion commercial bank holding company headquartered in Providence, R.I. Citizens has more than 1,600 branches, approximately 3,100 ATMs and more than 25,000 employees. It has a 13-state retail branch network plus non-branch retail and commercial offices in about 40 states. Citizens is the eighth-largest commercial banking company in the United States ranked by deposits and ninth in assets as of September 30, 2006. Citizens is owned by RBS (The Royal Bank of Scotland Group plc).
About PCDC
Pawtucket Citizens Development Corporation (PCDC) is a non-profit community development corporation (CDC) that was established in 1990. PCDC develops affordable housing for rental and homeownership and works with the City of Pawtucket to reduce density and eliminate blight in the Barton St., Woodlawn, and Pleasant View neighborhoods of Pawtucket. To date, PCDC has completed 103 units of affordable rental housing including thirteen one and two family homes sold to first-time homebuyers. In 2006, PCDC completed the restoration of an historic mansion at 278 High Street. Previously a “crack” house and a drug haven, this property was converted into five affordable condominiums. Currently, PCDC has fourteen condominium units under construction on Barton Street that will also be sold to first time homebuyers.
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