Governor McKee announces new funding to support the creation of affordable housing
Today Governor Dan McKee and Heads of State announced the availability of new funds to support the creation of affordable and supportive housing. Funded by the state’s allocation of federal fiscal stimulus funds, the Site Acquisition Program will provide grants to municipalities and for-profit or non-profit developers to acquire properties to be developed as housing. affordable and with support services. $12 million in funding from the Governor’s Rhode Island Rebounds program is available for this statewide effort.
This program will ensure that not-for-profit and for-profit developers, municipalities and public housing authorities can secure land, which will launch a pipeline of projects that will increase the supply of supportive housing and opportunities rental and affordable home ownership throughout the state.
“I am delighted to be able to provide another critical funding tool to help Rhode Island meet the housing needs of our residents,” Governor McKee said. “Ensuring that all Rhode Islanders have access to safe and affordable housing is critical to the success of Rhode Island families, our communities, and our state. That’s why I’ve made housing a top legislative priority and why I’m committing to my “Rhode Island Rebounds” plan to spend SFRF federal funds allocated to Rhode Island, because that’s the boost our state requires. These investments will help alleviate the housing shortage and affordability crisis while invigorating our state’s economy.
“Solutions to solving Rhode Island’s affordable housing crisis will require the participation and support of many stakeholders working collaboratively and creatively,” said Lieutenant Governor Sabina Matos. “I am 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!
Last fall, Governor McKee tabled and received approval for a supplemental budget amendment with the General Assembly on his Rhode Island Rebounds plan to invest about 10% of the $1.13 billion bailout. State of America in families, workers and small businesses in Rhode Island. and housing. As part of its housing proposal, McKee’s plan included $12 million allocated to a property acquisition grant program. Today’s announcement kicks off the housing component of the Governor’s Rhode Island stimulus package with the launch of the Site Acquisition Program (SAP).
“Put simply, the demand for affordable housing far exceeds the available supply in our state, which puts too many hard-working Rhode Islanders in housing insecurity,” the House Speaker said. K. Joseph Shekarchi. “We are thrilled to have these much-needed federal funds being put to work here in Rhode Island to help us meet the current and future housing needs of our residents.”
“Over the past year, we have made historic progress in solving the housing crisis in our state,” said Senator Meghan E. Kallman, vice chair of the Senate Committee on Housing and Municipal Government. “However, we know that housing insecurity remains an all too common reality for many people in our communities. The $12 million in grants made available through the Site Acquisition Program will help our state achieve badly needed affordable and supportive housing developments. This will help us ensure that everyone who lives in Rhode Island has a place to call home.
Rhode Island Housing will administer the program on behalf of the state. Funding for the program will be available through a Request for Proposals (RFP) which will be released next week. Funding applications will be accepted on a rolling basis as long as funding is available.
“For decades, our state has not invested enough in housing. Today we take an important step. By enabling the acquisition of sites for affordable housing, we are truly laying the groundwork for future development. In conjunction with other housing investments and initiatives, this program will make a major difference,” Commerce Secretary Stefan Pryor said. “Thank you to the Governor, Lieutenant Governor, General Assembly and civic leaders for their attention to this critical issue – and for providing the resources to make this program possible. »
“By prioritizing immediate funding for a statewide acquisition program, Governor McKee and the Legislature are responding to the need to quickly secure properties for affordable housing and tackle head-on to the state’s housing problems,” said Josh Saal, Assistant Secretary of Commerce for Housing. “This program and the proposed new funding initiatives will help catalyze the creation of needed affordable housing across the state. We call on interested developers, whether for-profit or not, as well as municipalities and public housing authorities to step up and work collaboratively to build stronger communities together.
“We would like to thank our federal and state leaders for providing these important funding resources to help create new affordable housing options for Rhode Islanders,” said Carol Ventura, executive director of RIHousing. “It is expected that SAP funds will be matched with other public and private funds to complete the projects, attract additional funds to support the creation of affordable housing, create well-paying construction and trades jobs, and build strong communities.”
Household income in housing with SAP funding is limited to 80% of the regional median income (AMI), or $62,300 for a three-person household in most parts of the state. Eligible properties include vacant land as well as residential and commercial sites across Rhode Island. To ensure funds are used to meet pressing housing demand, applicants must demonstrate that they are ready to begin redevelopment of properties.
The announcement event took place in Olneyville at the site of a recently redeveloped property acquired by One Neighborhood Builders through RIHousing’s Land Bank program. The SAP is modeled after the RIHousing Land Bank program.
“We are delighted to welcome Governor McKee to King Street Commons, where RIHousing’s Land Bank program has enabled us to develop 30 new affordable apartments in Olneyville and develop a state-of-the-art child care center to be operated by Children’s Friend. said Jennifer Hawkins, executive director of ONE Neighborhood Builders. “Without the Land Bank program, we would not have been able to purchase the 2.2 acres of land. Especially in this hot real estate market, having access to flexible acquisition capital is crucial. We are very grateful to Governor McKee, President Shekarchi and President Ruggerio for investing $12 million in the RIHousing Land Bank program to help ensure that real estate developers can quickly purchase property and develop more affordable housing.
A maximum of $1 million will be awarded to selected projects and at least a 30-year deed restriction enforcing affordability and income requirements will be registered on all properties receiving SAP funds. Upon publication of the RFP for the program, additional information, program guidelines and details on how to apply will be available online at: www.rihousing.com/rfps-rfqs.
The Governor has requested an additional $13 million in state fiscal stimulus funds from ARPA as part of his fiscal year 2023 budget proposal for the Property Acquisition Grant Program which, if is approved by the General Assembly, would bring the total funding available for the program to $25 million. .
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