The Neighborhood
The Commons Foundation (TCF) has acquired the historic 1844 Schoolhouse No. 5 at 209 Long Highway with a vision to create Little Compton's first attainable, moderate-income neighborhood. Spanning 2.5 acres, the project preserves local history while building for the future by fully restoring the original schoolhouse into a family home and constructing three additional residences.
To ensure housing remains accessible for local workers and families, these four high-quality homes will be sold below cost ($500-$630K for new/updated, efficient two and three bedroom homes) and have deed restrictions to preserve their affordability for years to come.
Our Progress To Date
- TCF completes acquisition of 209 Long Highway.
- TCF Comprehensive Permit Application receives RI Housing approval for the Schoolhouse 5 neighborhood.
- Little Compton Planning Board application submitted.
- Interior demolition of the historic schoolhouse commences.
- Permits issued for existing structure renovation plans.
- TCF hosts Community Open House (August 28–29).
Funding the Project
The project is expected to cost over $2M and have a permanent investment of nearly $500K. To enable the construction, TCF is pairing its private contributions with strategic capital financing—including a $1M Rhode Island Foundation Impact Investment loan and project financing through BayCoast Bank. This leverage preserves liquid capital so TCF can continue meeting the growing demand for local housing assistance across all our programs while creating the housing stock our community needs.
TCF 5-Year Strategic Impact: 30 Families Supported
- 4 Homes Created: Delivering $500k–$630k homes priced directly to buyer income.
- 26 Additional Families Assisted: TCF grants and loans support Little Compton residents with construction, ADUs, down payments, and repairs.
- 1 Historic Landmark Preserved: Complete restoration of 1844 Schoolhouse No. 5.
- Enduring Legacy: 30-year deed restrictions safeguard affordability for generations.
Why Your Support Matters
- 100% Volunteer-Led: Zero staff overhead ensures 100% of donor capital directly funds housing solutions.
- Self-Sustaining Model: Local affordability is continuously preserved as returned loan repayments replenish program funds and deed restrictions enforce lasting compliance.
