Ivy Place is a mixed-use, affordable home ownership development located on Ivy Street and Taunton Avenue in East Providence. The 13-unit development includes four 2-bedroom live/work homes with first floor commercial space facing Taunton Avenue and nine 3-bedroom townhouse style homes, one of which is ADA accessible with an elevette. The property is deed-restricted affordable for first time homebuyers earning up to 60%, 80% and 100% of the 2024 HUD Area Media Income. Ivy Place is scheduled for completion in Fall 2024.
Eligible homebuyers will be selected via lottery.
The Lottery closed on June 16, 2024
AVAILABLE UNITS & PURCHASE PRICES
| Price | Unit Style | Required Income | # Available |
| $169,900 | 3-Bedroom Townhouse | up to 60% AMI* | 4 |
| $232,900 | 3-Bedroom Townhouse | up to 80% AMI* | 4** |
| $294,742 | 3-Bedroom Townhouse | up to 100% AMI* | 1 |
| $207,900 | 2-Bedroom Live/Work Unit w/ 1st floor Commercial | up to 80% AMI* | 2 |
| $263,900 | 2-Bedroom Live/Work Unit w/ 1st floor Commercial | up to 100% AMI* | 2 |
*AMI explained in “Income Requirements” section below
**includes 1 accessible unit with elevette
INCOME REQUIREMENTS
Area Median Income (AMI) is determined annually by the federal Department of Housing and Urban Development. It is based on geographic location and household size. The 2024 HUD AMI guidelines for East Providence are as follows:
| 1 person | 2 person | 3 person | 4 person | 5 person | 6 person | |
| 60% | $47,220 | $54,000 | $60,720 | $67,440 | $72,840 | $78,240 |
| 80% | $62,950 | $71,950 | $80,950 | $89,900 | $97,100 | $104,300 |
| 100% | $78,680 | $89,920 | $101,160 | $112,400 | $121,400 | $130,400 |
*note, Area Median Income continues to increase with household size. Details for those with households larger than 6 people can be found HERE.
WHO CAN PURCHASE AT IVY PLACE?
In order to purchase a home at Ivy Place, applicants must meet the following criteria:
- Complete the online application including document uploads by June 16, 2024
- Be a first time home buyer (according to FHA standards; never have owned a home or have not owned in the past 3 years)
- Income qualify at up to 60%, 80%, or 100% of the 2024 HUD Area Median Income (households may not exceed these published limits)
- Attend a 1-hour “Intro to Ivy Place” session online
- Complete a one-on-one with an NWBRV HUD-certified coach; cost $35 for an educational credit check
- Take an 8-hour homebuyer education course provided by NWBRV; cost $99 – $149
- Provide all requested documentation
- Be selected via the lottery
- Obtain the necessary financing to purchase the home at the set purchase price within 14 days of lottery notification the set timeframe
TIMELINE
| JUNE 16, 2024 | Applications Due |
| JULY 1, 2024 | Final date for NWBRV to confirm income eligibility |
| June 1 – August 15 | Income Eligible Applicants participate in (1) a 1-hour Intro to Ivy Place session, (2) a 1-hour one-on-one session with a HUD-certified coach, AND (3) an 8-hour HomeBuyer Education course with NWBRV |
| TBD – (Late August OR Early September) | Lottery |
| September & October | Financing Secured; Homes Purchased |
TO APPLY
If you think you meet the criteria outlined above, please click the “APPLY TODAY” button to complete the online application.
The Lottery closed on June 16, 2024. Only applications received by June 16, 2024 will be considered.
The site is mobile friendly and applications can be completed from a computer or mobile device.
ADDITIONAL INFORMATION
Ivy Place is Deed Restricted affordable housing monitored through the Community Housing Land Trust of Rhode Island which will preserve long-term affordability far into the future. Ivy Place homes come with the following requirements:
- The home must remain owner-occupied year-round
- The home may never be rented out
- The home is subject to limitations on the maximum resale price and future buyer income qualifications
- The home may not be conveyed into a revocable or irrevocable Trust, conveyed to another person or entity via a Quit Claim Deed, or add additional persons to the Title of the property after the sale
- The home will be supported by the Community Housing Land Trust of Rhode Island which is responsible for setting the resale price of the home, certifying the eligibility of subsequent buyers as well as reviewing and approving any refinances or home equity lines of credit
FREQUENTLY ASKED QUESTIONS?
Will I be able to tour the Property?
Yes, tours will be provided to those who win the lottery. Depending on the construction schedule, we may be able to provide tours during the HomeBuyer Education classes.
Can I enter more than one Lottery?
Yes. Once you are income prequalified for the lottery, you’ll meet with one of NWBRV’s HUD-certified coaches to discuss your options. Eligible households may enter as many lotteries as they’re income eligible for.
How will the lottery work?
There will be separate lotteries for each type of home at each income level. Each lottery will include all eligible applicants (first time homebuyer, income qualify, completed info session, completed homebuyer education, completed a one-on-one with a HUD-certified coach, and provided all necessary documentation). Names will be drawn one at a time and recorded in the order that they are pulled. The names will be drawn until all of the names have been selected. Households will be matched with available units in the order that their names were drawn. They will have 14 days to secure financing or the unit will be released to the next individual on the lottery list.
What does it cost to enter the lottery?
There is no cost to enter the lottery; however, everyone in the lottery must have taken a HUD-certified Home Buyer Education class and completed a one-on-one with a homeownership coach which includes an educational credit check. The cost of Home Buyer Education is $99-$149. The cost for the educational credit pull is $35.
This section will continue to be updated as we receive questions from the public.
HOW CAN I PREPARE TO APPLY?
You’ll be asked to answer the following questions. Preparing your responses ahead of time will make it easier for you to complete your application and for us to process your application more quickly. Items marked with an asterisk (*) represent required fields.
- First Name*
- Middle Name
- Last Name*
- E-mail Address*
- Phone Number*
- Phone Type*
- Street Address*
- Apt. #
- City*
- State*
- Postal Code*
- Birthdate*
- Social Security Number
- Marital Status*
- Preferred Language*
- Gender*
- Education*
- Ethnicity*
- Race*
- Check to certify you have never owned a home before*
- Check if you own a business you plan to run out of Ivy Place
- Check if you or a member of your household requires an accessible unit
- List the name, relationship, and birthday for each person who will be residing with you at Ivy Place*
- Household size*
- Check if you are applying with a co-applicant (if checked – many questions will be repeated for the co-applicant)
- Current Primary Employer
- Employer Address
- Employer City
- Employer State
- Employer Zip
- Date of hire
- Position
- Monthly income
- Check if you have a second job (if checked, repeat above questions for this employer)
- Check if you have a third job (if checked, repeat above questions for this employer)
- Check if you or a member of your family is an Active member or a Veteran of the U.S. Military (if checked, upload proof of Military or Veteran benefits)
- Check if you are legally disabled (if checked, upload SSI/SSDI award letter)
- Check if there is anyone else in your household who is legally disabled
(if checked, upload SSI/SSDI award letter for each disabled household member) - Check if you receive child support (if checked, upload statement(s) from child support showing amount and frequency)
- Check if you earn overtime (if checked, list average overtime earnings per month)
- Check if you work an additional job (if checked, list average additional job monthly income)
- Check if you are retired (if checked, list retirement or pension income per month and upload documentation of retirement benefits)
- Check if you receive alimony (if checked, list alimony income per month and upload documentation of alimony income)
- Check if you receive unemployment income (if checked, list amount of unemployment income per month and upload documentation of unemployment income)
- You’ll then be asked to check boxes certifying the following:
- In order to process my application, I hereby authorize NWBRV staff to review my information for income eligibility;
- I understand that in order to purchase a home at Ivy Place, East Providence, I must (1) income qualify at 60%, 80%, or 100% of the 2024 HUD Area Median Income; (2) take an 8-hour homebuyer education course provided by NWBRV; (3) take a one-on-one with an NWBRV HUD-certified coach; (4) provide all requested documentation; (5) be selected via the lottery; and (6) obtain the necessary financing to purchase the home at the set purchase price within the set timeframe;
- I understand that I am applying to purchase a deed restricted home that will be subject to limitations on the maximum resale price and future buyer income qualifications;
- I certify that I have accurately disclosed all persons who will be residing in the property and that our income eligibility is based on my certification of the listed household size
- I understand that income eligibility is determined base don the gross income for all household members from all sources that are anticipated to be received and certified that all sources of income anticipated have bene accurately disclosed;
- I understand that this property must remain owner-occupied year-round and certify that I intend to use this property as my year-round residence;
- I understand that this property may never be rented out;
- I understand that if the property is acquired under false pretenses, the property acquired may be foreclosed upon and I may be subject to criminal prosecution;
- I agree and understand that in no way does this application constitute a guarantee to purchase a home at Ivy Place;
- I certify that the information contained in this application is true and accurate to the best of my knowledge and belief;
- I agree to receive documents and correspondence electronically
You will be asked to upload the following documents into the online system. Gathering these ahead of time will make the application process easier. Documentation is necessary for ALL household members.
- Most recent, consecutive 30 days of paystubs (for each household member)
- Two years of complete tax returns (for each household member)
- Most recent bank statement for ALL checking and savings accounts (for each household member)
- Additional documentation if applicable:
- Military or Veterans benefits documentation
- Social Security benefit letter
- Social Security disability benefit letter
- Pension or Retirement Income documentation – IRA, 401K, etc.
- Unemployment, TDI, Worker’s Comp or TCI benefit letter
- Child support documentation
- Alimony documentation
NOTE – at any point in time during the process, applicants may be asked to provide additional documentation.
QUESTIONS?
Give us a call. We’re here to help.
401.257.6178
dwilliams@neighborworksbrv.org
