(The Center Square) – A mixture of federal and state funding are being used to address Rhode Island’s housing situation.
More than $166 million will be put to work to support the construction and preservation of affordable housing in the state, Gov. Dan McKee said. RIHousing has now opened a competitive funding round that will be used for financing those efforts throughout the state.
Earlier this year, according to the release, the state announced an availability of $60 million to support housing efforts. The $166 million will be added to those funds and includes a portion of the state’s American Rescue Plan Act funds.
“Earlier this year, I proposed, and the General Assembly passed utilizing $250 million in ARPA funds to tackle head on the housing crisis in our state,” McKee said in a release. “Just a few short months after we signed the budget, we are here opening up a competitive funding round to get these dollars out the door and start building on that promise.”
“Let me state clearly: the federal funds being put to work here are from a law that some have said should never have been passed,” U.S. Sen. Jack Reed, D-RI, said in the release. “I fought for these funds because Rhode Island cannot solve our affordable housing problem without money, without change, and, without will.
“Sadly, some people are content with the status quo and toeing the party line when it comes to affordable housing. That type of thinking is what led to this crisis and that is why dedicating this new federal funding to housing solutions like this are necessary and overdue.”
RIHousing, according to the release, is working with the state and the Rhode Island Housing Resources Commission to create a request for proposals for multiple financing sources, which would allow development partners a chance to apply for multiple funding sources from one application. Proposals are due by 4 p.m. on Jan. 12, 2023.