RI
Rhode Island Senate Bill S3093

Rhode Island 2024 Regular Session

Rhode Island Senate Bill S3093

Introduced
5/24/24  
Refer
5/24/24  
Report Pass
5/28/24  
Engrossed
6/4/24  
Enrolled
6/6/24  

Caption

AUTHORIZING THE TOWN OF NARRAGANSETT TO FUND AFFORDABLE HOUSING IN THE TOWN OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR

Impact

Should this bill be enacted, it ensures that Narragansett can tap into funds specifically allocated for affordable housing projects. Proceeds from these bonds will be situated in accordance with local housing plans and may also support the town’s affordable housing trust. This move is seen as a significant strategy to facilitate the increase of affordable housing stock through the potential acquisition, rehabilitation, and financial support to homebuyers. By formalizing funding through bonded indebtedness, the town aims to make a sustainable impact on local housing availability.

Summary

Bill S3093 aims to empower the town of Narragansett to address its affordable housing challenges by authorizing the issuance of not more than $3,000,000 in general obligation bonds and notes. This financial mechanism is expected to bolster the town's ongoing effort to provide housing opportunities for low- and moderate-income residents. The bill is introduced as a part of broader local and state initiatives targeting the affordable housing crisis found in various communities, particularly in coastal regions of Rhode Island.

Contention

While the bill is designed to provide a pathway for affordable housing funding, potential points of contention could arise regarding how effectively the town can execute its housing plans and whether the issuance of bonds might strain local financial resources. Moreover, voters will need to decide on the approval of this act in a general election slated for November 5, 2024, which could further highlight public sentiment around local governance and fiscal responsibility regarding extensive borrowing for housing solutions.

Latest S3093 Activity

Companion Bills

No companion bills found.

Previously Filed As

RI H6429

Authorizing The Town Of North Kingstown To Issue Not More Than $222,460,000 Of Bond And Notes Of Which

RI S1076

Authorizing The Town Of North Kingstown To Issue Not More Than $222,460,000 Of Bond And Notes Of Which

RI H6451

Authorizing The Town Of North Smithfield To Finance The Development And Construction Of A New Police Station Or The Renovation, Improvement, Alteration And Repair Of An Existing Building To Be Used As A Police Station, As Determined By The Town Council And The Furnishing And Equipping Thereof By The Issue Of Not More Than $18,000,000 Of Bonds And/or Notes Therefor

RI S1074

Authorizing The Town Of North Smithfield To Finance The Development And Construction Of A New Police Station Or The Renovation, Improvement, Alteration And Repair Of An Existing Building To Be Used As A Police Station, As Determined By The Town Council And The Furnishing And Equipping Thereof By The Issue Of Not More Than $18,000,000 Of Bonds And/or Notes Therefor

RI H6427

Authorizing The Town Of North Kingstown To Issue Not More Than $25,000,000 Bonds And Notes To Finance An Indoor Recreation Center/emergency Shelter

RI S1075

Authorizing The Town Of North Kingstown To Issue Not More Than $25,000,000 Bonds And Notes To Finance An Indoor Recreation Center/emergency Shelter

RI H6453

Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto

RI S1070

Authorizing The Town Of Lincoln To Issue Not To Exceed $14,000,000 General Obligation Bonds, Notes And Other Evidences Of Indebtedness To Finance The Development And Construction Of A New Town-wide Centralized Rescue Station And The Furnishing And Equipping Thereof And All Costs Related Thereto

RI H6376

Authorizing The Town Of East Greenwich To Finance The Acquisition, Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $180,000,000 Bonds And/or Notes Therefor

RI S0981

Authorizing The Town Of East Greenwich To Finance The Acquisition, Construction, Improvement, Renovation, Alteration, Furnishing And Equipping Of Public Schools And School Facilities In The Town And All Expenses Incident Thereto Including, But Not Limited To, Costs Of Design, Demolition, Athletic Fields, Landscaping, Parking And Costs Of Financing And To Issue Not More Than $180,000,000 Bonds And/or Notes Therefor

Similar Bills

RI H8194

Narragansett Indian Land Management Corporation

RI H7762

Repeals sections of the Narragansett Indian Land Management Corporation Act and acknowledges the Narragansett Indian Tribe as the sole aboriginal people sovereign to the territory of what is now known as Rhode Island.

RI H5969

Narragansett Indian Land Management Corporation

RI H8263

AUTHORIZING THE TOWN OF NARRAGANSETT TO FUND AFFORDABLE HOUSING IN THE TOWN OF NARRAGANSETT AND TO ISSUE NOT MORE THAN $3,000,000 BONDS AND NOTES THEREFOR

RI S3009

Authorizing The Town Of Narragansett To Finance The Improvement, Replacement, Construction, Renovation, Repair, Reconstruction And/or Restoration Of Roadways, Sidewalks, Storm Drains, Public Buildings And Other Public Infrastructure In The Town Of Narragansett And To Issue Not More Than $20,000,000 Bonds And Notes Therefor

RI H8233

Authorizing The Town Of Narragansett To Finance The Improvement, Replacement, Construction, Renovation, Repair, Reconstruction And/or Restoration Of Roadways, Sidewalks, Storm Drains, Public Buildings And Other Public Infrastructure In The Town Of Narragansett And To Issue Not More Than $20,000,000 Bonds And Notes Therefor

RI H6347

Increases the landing fee for the town of Narragansett from fifty cents ($.50) to one dollar ($1.00).

RI H8122

General Powers -- Town Of Narragansett-- Landing Fee