Rhode Island, like much of the nation, is experiencing an affordable housing shortage. The recent spike in demand for housing has increased prices, exacerbating the challenges many households are facing to afford to purchase a home or rent an apartment. Investments are needed to create more housing units and support households across many income levels, so that everyone has an affordable and safe place to call home.
Development of Affordable Housing ($15 million)
This investment complements other state and federal resources to finance the production and preservation of affordable housing. Rhode Island Housing (RIHousing) is making this funding available through requests for proposals (RFPs) open to nonprofit and for-profit developers, public housing authorities, and municipalities. The RFPs are being coordinated with other housing programs to streamline the process for applicants, facilitate the underwriting of the projects, and allow RIHousing to calibrate the resource mix for each project to ensure compliance and maximize the value of available resources.
Site Acquisition ($12 million)
RIHousing is financing the acquisition of properties to create a pipeline of sites suitable for affordable housing units. Affordable housing developers, public housing authorities, and municipalities will be eligible to apply for funds to purchase land or properties for redevelopment as affordable housing or permanent supportive housing.
Homelessness Assistance ($1.5 million)
The Office of Housing and Community Development (OHCD) is providing homelessness prevention, diversion, rapid rehousing, emergency shelter, and housing stabilization services to populations who have traditionally struggled accessing services, specifically individuals who identify as LGBTQ+ and victims of domestic violence. The goal is that these services will place individuals on the path toward securing permanent housing.
OHCD Support and Capacity ($0.5 million)
During the pandemic, additional affordable housing and homelessness assistance initiatives have been assigned to OHCD. The funding is enabling OHCD to hire contract staff to expand and enhance capacity for affordable housing and homelessness assistance.