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Long-term affordable rental homes developed by Community Works Rhode Island. Funded in part through BHRI.
Dayton Court developed by SWAP, Inc. Funded in part through BHRI.
Parkis Avenue developed by Community Works Rhode Island. Funded in part through BHRI.

Providence at a Glance:

The city of Providence is located in Providence County, Rhode Island. Providence is the capital and most populous city of Rhode Island. Providence was founded in 1636 by Roger Williams, a religious exile from the Massachusetts Bay Colony. Providence was incorporated as a town in 1636, and a city in 1832.

The Providence city limits enclose a small geographic region, with a total area of 20.5 square miles, of which 2.1 square miles is water.

Providence's city government has a mayor-council form of government. The Providence City Council consists of fifteen city councilors, one for each of the city's wards. The council is tasked with enacting ordinances and passing an annual budget. Providence also has probate and superior courts.

Housing Facts: 2010

Typical monthly housing payment* for a $115,000 house $1,054
Household income required to afford a $115,000 house $42,168
Average monthly rent for a two-bedroom apartment $1,086
Household income required for that rent to be affordable $43,440
Average private-sector wage for jobs in Providence $45,760
Foreclosures in Providence  
Actual number of foreclosures 485
Total number of mortgaged housing units 16,746
Foreclosures as a percentage of mortgaged stock 2.90%
Housing Units in Providence  
Number of year-round housing units 67,572
Housing units that quality as affordable 10,195
Affordable housing units reserved for the elderly 4,374
Affordable housing units reserved for families 4,869
Affordable housing units reserved for persons with special needs 952
Homes funded through Building Homes Rhode Island 475
How much housing is needed?  
Additional housing units necessary to meet the 10% threshold established by the State's Low and Moderate Income Housing Act of 2004 0

*Calculated using a 30-year mortgage at 4.69% interest (2010 average rate) with a 3.5% down payment, property taxes (the state's average rate of $16.44 per $1,000 of the home's valuation), hazard insurance ($75/month), and monthly mortgage insurance (1.15%/month).