The state of Rhode Island has launched the first wave of housing programs funded through its historic $120 million housing bond. The programs supported through the voter-approved bond measure will provide critical resources to help communities address the housing crisis by expanding homeownership opportunities and building and preserving affordable housing options.
There are five programs in the Housing 2030 initiative that recently opened for applications, with more plans for the second wave in the near future. The total combined funding through the first wave is $81 million.
On Oct. 23, the state opened $66 million through five funding programs as part of the One-Stop Application process. Applications are due by Dec. 18.
The Affordable Rental Housing New Development Program has made up to $27 million available to support affordable rental developments. Recipients will use the awards to build, rehabilitate, or adaptive reuse of rental units for households that make below 120% of the Area Median Income (AMI). Applications must ensure at least 51% will go toward new construction units.
The Permanent Supportive Housing Program will be delivering up to $12 million to support small-scale permanent supportive housing development. Awarded projects must include wraparound services to ensure households with incomes at or below 30% of the AMI receive assistance to maintain stable housing conditions. Eligible projects must build or rehabilitate between five and 30 rental units.
The Small Scale Program follows in a similar vein to the previous two programs. The $12 million funding source will go toward development projects that build eligible rental units for households that make below 120% of the AMI. The total number of developments included in the applications must be between five and 30.
The Preservation Program puts up to $10 million to preserve and rehabilitate affordable housing near the end of its affordability period. Households that will benefit from these projects must make below 120% AMI. Finally, the $10 million Acquisition and Revitalization Program will help recipients redevelop foreclosed, blighted or vacant properties.
Prior to the release of the One-Stop Application programs, the state had two ongoing housing bond programs. These include:
- The $8 million Infrastructure Program to offset essential infrastructure costs and facilitate housing development. Municipalities and developers may apply for financial aid covering water, sewer, septic systems and roadway expenses.
- The $1 million Municipal Planning Program will deliver architectural and engineering support to local entities to advance strategic housing development projects.
The state plans to open the $6 million Statewide Home Repair Program on Nov. 15. Low- and moderate-income homeowners and landlords that rent to tenants making at or below 80% of the AMI will be able to apply for financial assistance facilitating home repair projects.
Rhode Island has announced that it will be releasing another funding tranche in a second wave in the coming months. The $39 million planned for distribution through this phase will provide:
- Up to $20 million for homeownership initiatives.
- Up to $10 million for a pipeline expeditor fund to accelerate project timelines.
- $5 million for site acquisition.
The state has also issued a Request for Proposals for a partner to administer the Site Acquisition Fund. The program will assist nonprofit developers in buying properties for affordable and supportive housing across the state.
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