Building Dreams in Olneyville

A house warming party celebrates the success of Olneyville Housing Corporation's fight against the foreclosure crisis

Casilda Pallero and Jorge Burgos at the house warming party in their new home in Olneyville.

Providence, RI (2/1/09) -Casilda Pallero and Jorge Burgos celebrated with Mayor David Cicilline and dozens of their new neighbors who helped make their dream of home ownership a reality. The young couple -- soon to be parents of twin boys -- recently moved into a new home in Olneyville.

"This is great," said Burgos, "the American dream, you know?"

Their new two-story home sits on formerly vacant land in a section of Olneyville that has been hit hard by the foreclosure crisis. Olneyville Housing Corporation (OHC)acquired the land and worked with YouthBuild Providence to build the new home. OHC then sold the three-bedroom house to Burgos, 27, a fork-lift operator, and Pallero, 23, a bank teller, for $140,000.

"This is a model solution for many of the community's problems," said Andrew Cortes, Director of YouthBuild Providence. YouthBuild provides job training in construction to at-risk youth -- helping them transition to full time employment while also helping to provide affordable housing and strengthen the community.

"Our strategy is to stabilize this neighborhood by increasing home ownership and invest in people who are committed to the neighborhood," said Frank Shea, Olneyville Housing Corporation's executive director. "This is our way of fighting back against foreclosure. It is one house at a time."

Read the Providence Journal's coverage: A Dream Home in Olneyville