City Redevelopment Agency accepting homebuyer bids on new 12 Hood Street single-family home
CENTRAL FALLS, RI (March 14, 2024) – Two former vacant lots on Washington Street and Hood Street acquired by the City of Central Falls Redevelopment Agency were transformed into state-of-the-art single-family homes that recently hit the market.
The development of 12 Hood Street and 229 Washington Street, led by Central Falls Redevelopment Agency, add desperately needed home options to the city, while increasing local home ownership opportunities. Currently, just 26% of residents are homeowners, and just 7% of the city’s housing stock are single-family homes.
“I’ve been extremely focused on increasing our city’s desperately-needed housing stock for our residents,” said Central Falls Mayor Maria Rivera. “We’ve been making important progress on our goal to add many more housing units to our city, and these new owner-occupied homes are an amazing addition to Central Falls. I’m thrilled they will be occupied by our residents, and help make the homeownership dream a reality for more families.”
Bidding is open for 12 Hood Street through March 25. The home is 2,035 square feet, and boasts 3 levels, equipped with a 3-zone energy efficient heating system. The home includes 4 bedrooms and 2.5 bathrooms along with modern finishes, including black energy efficient appliances, ceramic flooring, and marble vanities. The outside features a large walkout deck which highlights a beautiful backyard and walkout basement.
The Agency implemented a weighted lottery point system to accept home offers for both properties, each listed at $389,000. Not accepting offers higher or lower than listing price, bidders are weighted in a lottery point system that allots points for key categories: being a Central Falls resident, being a Central Falls employee, being a Central Falls business owner, and being a veteran.
Both properties are being sold with five-year owner occupant deed restrictions that promote long-term residency by requiring the buyers to live in the homes for at least five years before they would be able to sell the property. Currently, 229 Washington Street is under contract. Bidding opportunities have continued to be communicated and marketed through the properties' designated local Central Falls real estate agent and with local financial institutions that have pools of qualified and interested local home buyers.
The Washington and Hood single-family home development project was made possible through the city's allocated American Rescue Plan Act dollars. Both properties were built by Stand Corporation and assisted by Building Futures construction pre-apprenticeship students, which helps prepare diverse, low-income individuals for careers in the construction industry. The Washington and Hood homes are energy efficient and were built with sustainable, discounted materials from a local Central Falls supplier to help lower the long-term cost of homeownership.
