“Access to affordable housing in the New England area and in communities across the country is more important than ever.”

^{- Thomas Marro, Associate Director of Acquisitions at Standard Communities}

Standard really believes that housing is a pathway to human prosperity,” Alter remarked. “Housing is human infrastructure. It leads to community prosperity."

^{- Scott Alter, Principal and Co-Founder of Standard Communities}

"Nearly half of renters in Rhode Island spend 30% or more of their household income on rent, making safe and affordable housing more important than ever. We’re proud to expand our portfolio in Rhode Island and to help address the critical need for affordable housing,”said Joon Lee, Managing Director of Strategic Capital at Standard Communities.

"As the City of Providence continues to transform, we’re excited to be able to ensure that the Olneyville community has access to high-quality, affordable housing. Many residents have long-established ties to the neighborhood, and we want to help them flourish, which is tough to do if they are worried about being priced out of their community or if their homes are in need of significant repairs,” added Joe Ouellette, Chief Strategy Officer for Standard Communities.

“We are excited to continue our work in Providence, and this acquisition and the upcoming renovation of Colony House will enable the property to continue providing a strong community for low-income seniors for the foreseeable future,” said Standard Communities Co-Founder Scott Alter.