Block Island Times: Property converted to affordable housing

Fri, 08/03/2018 - 9:30am
Category: News

The Ocean View Foundation is converting its two rental properties into affordable housing units. The non-profit is splitting a minor subdivision located off Cooneymus Road into two separate lots to establishing two single-family dwellings that will go toward the island's affordable housing inventory.

New Shoreham Building Official Marc Tillson explained to The Times that the property contained “one old home, and a new home. The Ocean View Foundation wants to now refurbish the old building,” and split the lot into two separate lots that will be “dedicated to the island's affordable housing initiative. It's a win-win.”

“They're changing the use of the property for that purpose,” said Tillson. “There will be two brand new homes to go toward the 10 percent of the island's affordable housing” inventory. The project is being presented as a joint venture between the Ocean View Foundation and the Block Island Housing Board, which was recently granted approval for its five-dwelling Cherry Hill Lane development that includes three three-bedroom homes and two two-bedroom homes priced under $250,000.

The difference with the OVF's project is the Foundation has been renting to two tenants on the property for several years who will have the right of first refusal for purchasing the dwelling they currently occupy. If the tenants opt not to purchase the properties, the Housing Board will sell them through the affordable housing lottery system. The OVF will also gift the properties to the Housing Board at no cost, with the net proceeds from the sale of the homes going to the OVF.

The project was granted a unanimous (5-0) favorable ruling at the Planning Board's meeting on July 11, with board member John Spier recused, as he is a member of the Housing Board. The project now goes before the Zoning Board of Review for hearings.

To view the complete article, visit The Block Island Times

Courtesy of The Block Island Times

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