RI Gov. Announces $12M Program For Affordable Housing

PROVIDENCE, RI — A new program will provide $12 million for the development of affordable housing in Rhode Island, Gov. Dan McKee announced Wednesday. The funding comes from the state's federal coronavirus relief funding, the governor said, and is part of the "Rhode Island Rebounds" package.

McKee said the funding will "help alleviate the housing shortfall and affordability crisis while reinvigorating our state’s economy."

"I’m excited to be able to provide yet another critical funding tool to help Rhode Island meet the housing needs of our residents," the governor said. "Ensuring that all Rhode Islanders have access to a safe and affordable home is critical to the success of Rhode Island families, our communities and our state. It’s why I’ve made housing a top legislative priority and why I am committed to my 'Rhode Island Rebounds' plan for spending federal SFRF funds allocated to Rhode Island as it is the boost our state needs."

McKee said the program will allow both non-profit and for-profit developers, as well as public housing authorities and cities and towns to acquire land for the development of affordable rental and homeownership projects.

This program will ensure that non-profit and for-profit developers, municipalities and public housing authorities can secure land, therefore kickstarting a pipeline of projects that will increase the supply of supportive housing and affordable rental and homeownership opportunities across the state.

"Solutions to address Rhode Island’s affordable housing crisis will require the participation and support of numerous stakeholders working collaboratively and creatively," Lt. Gov. Sabina Matos said. "I’m proud that the Site Acquisition Program has the support of so many community leaders and housing professionals. 'Build more,' I hear again and again! Well this program will certainly allow us to do just that!"

The program comes after the governor filed a supplemental budget amendment with the General Assembly, to invest about 10 percent of the state's $1.3 billion in federal coronavirus relief for the Rhode Island Rebounds program. The proposal, which was approved by lawmakers, included $12 million for the property acquisition initiative.

"Simply put, the demand for affordable homes greatly outpaces the available supply in our state, which puts too many hard-working Rhode Islanders in a position of housing insecurity," House Speaker K. Joseph Shekarchi said. "We are excited that these critically-needed federal funds will be put to work right here in Rhode Island to help us meet the current and future housing needs of our residents."

The program will be administered by RI Housing. A Requests For Proposals will begin next week, and applications will be accepted on a rolling basis as long as funding is available. Read more about the program on RI Housing's website.

"For decades, our state has invested insufficiently in housing," Commerce Secretary Stefan Pryor said. "Today we take an important step forward. By enabling the acquisition of sites for affordable housing, we’re truly laying the groundwork for future development. In conjunction with other housing investments and initiatives, this program will make a major difference."