Providence Revolving Fund
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249 Carpenter Street
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Located across from the Decatur Lounge in Luongo Square, 249 Carpenter had been vacant and abandoned for eight years. The property consisted of a large three-family house with two small single family houses in back. It was tax reverted with over $25,000 in back taxes due. Working with the Providence Redevelopment Agency, the Revolving Fund's attorney foreclosed on the tax title on behalf of the PRA. Once the title was clear, the PRA transferred it to the Revolving Fund. The Revolving Fund financed the renovations, and secured grants from the HOME program, the LEAD abatement program, and the Neighborhood Opportunities Program. In the end, the property was sold to a first time, low income homebuyer who had been a renter in the neighborhood. The rental income made it possible for him to afford the $250,000 price.