National Equity Fund

Groundbreaking at Central Street will Preserve & Create 62 Affordable Homes in Central Falls, RI

Crop PCF Development Central Street Groundbreaking 4.29.24 (1)
May 07, 2024

Congratulations to Pawtucket Central Falls Development (PCFD) and investor TD Bank on the groundbreaking of Central Street, a mixed-use and mixed income affordable housing development in Central Falls, RI! The occasion was well-attended by two US Senators, the governor, two mayors, other stakeholders, and NEF's very own Tony Lyons, Maria Botello, and Jessica Polak.

With the rising cost of rent across Rhode Island, the Central Street development will both create and preserve 62 affordable rental homes between Pawtucket and Central Falls. There are 30 new construction units and 32 rehab/preservation units with all units affordable between 30% and 120% of the area median income (AMI). In addition to the units, two community service facilities — the PCF Development Homeownership and Financial Education Center and Tech Hub space will be available for resident and community use. The developer is also partnering with Foster Forward to house young adults aging out of foster care.

We are proud to support developments like Central Street that seek to add to and maintain Rhode Island's lacking affordable housing stock — the state "ranks 38th in the nation in housing production." Read more here.

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