Housing costs and availability are pressing issues in Rhode Island, with housing stock in short supply in places like Providence, pictured here. (Alexander Castro/Rhode Island)
Rhode Island’s housing crisis has been characterized as a full-blown “crisis” for some time now, with soaring home prices and notable rent increases in large cities like Providence. Improving the availability and affordability of housing is the goal of a $120 million housing bond package, the largest in state history.
A yes vote would authorize bond issuance to support six different housing initiatives, including construction, renovation, measures to increase available housing stock, and support for municipal housing initiatives. It will be.
A no vote would oppose the issuance of bonds and block spending.
Once funding is raised, the bond’s various projects are expected to begin by 2026 and be completed between 2027 and 2030. Once completed, new or redeveloped homes are expected to have a useful lifespan of at least 30 years.
With this measure,
Provides $80 million to support the production of affordable housing for low- and moderate-income people. Up to $10 million of this funding could go toward building new public housing programs. Directs $10 million to help communities acquire real estate and redevelop existing buildings. Set aside $20 million to create more low-, moderate-, and moderate-income housing designed for homeownership. $5 million will be used for grants to purchase properties that will be redeveloped into affordable housing. Directs $4 million toward physical infrastructure needed for pre-development and development of affordable housing. Donate $1 million to support local government housing development projects. Upzoning, or changing zoning laws to accommodate new housing development, is one example.
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