Providence, RI – At the ribbon cutting of the newly developed Joseph Caffey Apartments and Townhomes in Providence, Citizens unveiled the site’s new digital learning center, which was financed as part of the bank’s $300 million Economic Opportunity Fund initiative.
Representatives of Citizens say the initiative provides a new template for how banks can support affordable housing and close the opportunity gap that exists in historically underserved communities by providing enhanced technology and job training facilities and services. Citizens provided $500,000 in capital to support the construction of the new technology center, fund computer equipment, provide year-round technology maintenance and Wi-Fi, and deliver ongoing training opportunities to provide residents with digital services and resources to achieve independence, self-sufficiency, and overall well-being.
Jordan Caffey Townhomes
In 2022, Citizens provided a $9.5 million construction loan and $21 million tax credit investment to Omni Development and Wingate Companies to revitalize the former Barbara Jordan II Apartments formerly at this location, which included 26 blighted and vacant two- and three-story apartment buildings over almost three acres. The completion of the Caffey development adds 79 units of new affordable housing to the Upper South Providence neighborhood. Homes will be available to individuals and families making 30-80% of the Area Median Income, which for a two-person household is between $23,200 and $61,900.
Through Citizens funding, residents will have access to one-on-one workforce development support that will utilize the technology room in the digital learning center. This programming will help with employment opportunities including job search and interview preparedness, as well as financial literacy counseling and coaching services provided by Citizens and other community partners. Youth services and education support will also be offered to school-aged children with the goal of providing a network of support, structure, and exposure that facilitates the development of life skills and values and provides an academic foundation for them to recognize their full potential.
