Blackstone Valley Gateways II
On August 31, 2015, PCF Development held a ribbon cutting for its Blackstone Valley Gateways II project at the landmark Gately Building on Bayley Street in Pawtucket. BVG II is a prime example of successfully developing safe, decent affordable housing through collaborative partnerships at the Federal, State and ocal level. During the course of development, PCF Development utilized funding from the National Equity Fund (as the equity partner for Low Income Housing Tax credits), Rhode Island Housing, Federal and State Historic Tax Credits, Building Homes Rhode Island, Local Initiatives Support Corporation (LISC), the City of Pawtucket, Federal Home Loan Bank of Boston, TD Bank, Bristol County Savings Bank, Pawtucket Credit Union, and the Corporation for Supportive Housing.
The BVGII project consists of 41 new affordable rental units across 10 scattered sites in Pawtucket and Central Falls. This project aims to serve households earning between 50-60% AMI. The housing units created range from one to four bedrooms in size – creating affordable housing opportunities for households of varying sizes. Many of the sites were either vacant or foreclosed properties prior to their redevelopment. With quality affordable housing in high demand, PCF Development was able to successfully lease up all of the rental units within the development prior to the ribbon cutting ceremony.
The Gately Building, which was the site of the official ribbon cutting, is on the National Historic Register, having been built in 1914. The landmark building was acquired from the City of Pawtucket/Pawtucket Redevelopment Agency after the building became uninhabitable in 1993 due to mold, asbestos and lead issues. Prior to its decline, the three story building provided commercial and retail space, professional offices and civic meeting areas to a thriving downtown area. The Gately Building is situated on a prominent corner of downtown Pawtucket, its restoration marking an important step forward for the City of Pawtucket and reinvestment in its downtown. The revitalized Gately Building offers thirteen residential housing units, a community space and a large commercial space complete with a commercial kitchen. PCF Development is currently in negotiations with Farm Fresh Rhode Island to create a permanent location for their job training program and an active retail component in the commercial space. Farm Fresh Rhode Island is a local non profit whose mission is to grow a local food system that values the environment, health and quality of life of RI farmers and eaters.
Aside from the thirteen rental units located at the Gately Building, BVGII includes a mix of newly constructed and rehabilitated buildings along Barton Street, Cherry Street, High Street, Jackson Street, and Montgomery Street in Pawtucket and Earle Street in Central Falls.