In last night's State Budget address, Governor Gina Raimondo introduced her FY 2017 budget, which includes a proposal that recognizes
housing is a key part of the infrastructure that we need to get Rhode Island's economy moving again. The $40 million Housing Opportunities Bond is an investment that builds the foundation working families need in order to move into and stay in the middle class.
Investing in housing is an important piece of any comprehensive economic development strategy. If we're going to grow jobs in Rhode Island, we need to make smart investments in housing today.
Rhode Island's investment in housing substantially lags our neighbors. Massachusetts, Connecticut, Vermont and Maine are all taking advantage of the current low interest rate environment to use bond financing to invest in housing development. To compete, we need to do the same.
A
$40 million housing bond would:
Finance the development of 800 homes for working Rhode Islanders
Leverage $160 million in federal and private resources
Create more than 1,000 well-paying jobs
The Governor's proposed $40 million bond will build homes, create construction jobs, and attract private investment.
It's a win-win-win for Rhode Islanders.
In 2015, elected officials joined future residents and community partners to celebrate the opening of Veterans for Tomorrow - a bond financed development providing housing and services for veterans.
A Track Record of Success
Rhode Island has a track record of successfully using housing bonds to create thousands of jobs in the construction industry and leverage federal and private resources.
Housing bonds approved by the General Assembly and Rhode Island voters in previous years, have resulted in 1,900 homes and apartments in 30 communities, millions of dollars in private and leveraged investments, and hundreds of jobs.
Helping Rhode Islanders
Rhode Island Housing makes Rhode Island a better place to live, work and raise a family by building a bridge to the middle class. Rhode Island Housing is a major contributor to Rhode Island's economy.
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