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| 4 | 4 | | |
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| 5 | 5 | | 2023 -- H 5980 |
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| 6 | 6 | | ======== |
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| 7 | 7 | | LC002093 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S TATE OF RHODE IS LAND |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO STATE AFFAIRS AND GOVERNMENT -- HOUSING PRODUCTION |
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| 16 | 16 | | REVOLVING FUND |
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| 17 | 17 | | Introduced By: Representatives Speakman, Kislak, Potter, Cruz, Morales, Felix, and |
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| 18 | 18 | | Slater |
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| 19 | 19 | | Date Introduced: March 01, 2023 |
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| 20 | 20 | | Referred To: House Finance |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | It is enacted by the General Assembly as follows: |
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| 24 | 24 | | SECTION 1. Title 42 of the General Laws entitled "STATE AFFAIRS AND 1 |
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| 25 | 25 | | GOVERNMENT" is hereby amended by adding thereto the following chapter: 2 |
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| 26 | 26 | | CHAPTER 34.35 3 |
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| 27 | 27 | | HOUSING PRODUCTION FUND 4 |
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| 28 | 28 | | 42-34.35-1. Short title. 5 |
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| 29 | 29 | | This chapter shall be known as and may be cited as the “Housing Production Revolving 6 |
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| 30 | 30 | | Fund Act.” 7 |
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| 31 | 31 | | 42-34.35-2. Establishment of the fund - Uses. 8 |
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| 32 | 32 | | (a) The department of housing is authorized to issue bonds in the amount of fifty million 9 |
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| 33 | 33 | | dollars ($50,000,000) (the "housing bonds”), with a maturity date not to exceed twenty (20) years, 10 |
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| 34 | 34 | | to create the housing production revolving fund (the "fund"), in order to further the goals set forth 11 |
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| 35 | 35 | | in this chapter and to promote, among other purposes, the development of housing in order to make 12 |
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| 36 | 36 | | housing more affordable. 13 |
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| 37 | 37 | | (b) The uses of the fund shall include, but are not limited to: 14 |
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| 38 | 38 | | (1) Providing debt service for the housing bonds; and 15 |
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| 39 | 39 | | (2) Financing real estate projects by real estate developers; 16 |
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| 40 | 40 | | (c) The fund shall consist of: 17 |
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| 41 | 41 | | (1) Proceeds from the issuance of housing bonds in the amount of fifty million dollars 18 |
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| 42 | 42 | | |
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| 43 | 43 | | |
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| 44 | 44 | | LC002093 - Page 2 of 3 |
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| 45 | 45 | | ($50,000,000); 1 |
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| 46 | 46 | | (2) Annual appropriation from the general assembly for debt service of the housing bonds 2 |
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| 47 | 47 | | not to exceed five hundred thousand dollars ($500,000) per year; 3 |
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| 48 | 48 | | (3) Repayments of principal and interest from loans made from the fund; and 4 |
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| 49 | 49 | | (4) Any other money made available to the fund from other sources including, but not 5 |
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| 50 | 50 | | limited to, gifts, grants or donations. 6 |
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| 51 | 51 | | 42-34.35-3. Development of housing. 7 |
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| 52 | 52 | | The department of housing shall formulate a program for the development of housing units 8 |
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| 53 | 53 | | where a portion of the housing units are set aside from housing projects to ensure affordability. The 9 |
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| 54 | 54 | | program shall solicit applications from real estate developers for the construction of housing units. 10 |
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| 55 | 55 | | A developer seeking assistance under this chapter shall be required to have at least: 11 |
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| 56 | 56 | | (1) Twenty percent (20%) of the development of housing units to be affordable housing for 12 |
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| 57 | 57 | | households earning fifty percent (50%) or less of the area median income (AMI), adjusted for 13 |
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| 58 | 58 | | household size; and 14 |
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| 59 | 59 | | (2) An additional ten percent (10%) of the development of housing units to be affordable 15 |
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| 60 | 60 | | housing for households earning eighty percent (80%) or less of the area median income (AMI) 16 |
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| 61 | 61 | | adjusted for household size. 17 |
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| 62 | 62 | | 42-34.35-4. Rules and regulations. 18 |
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| 63 | 63 | | The department of housing shall be the administrator of the fund and shall promulgate rules 19 |
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| 64 | 64 | | and regulations deemed necessary for the administration of the fund and for the implementation of 20 |
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| 65 | 65 | | the provisions of this chapter. 21 |
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| 66 | 66 | | SECTION 2. This act shall take effect upon passage. 22 |
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| 67 | 67 | | ======== |
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| 68 | 68 | | LC002093 |
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| 69 | 69 | | ======== |
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| 70 | 70 | | |
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| 71 | 71 | | |
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| 72 | 72 | | LC002093 - Page 3 of 3 |
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| 73 | 73 | | EXPLANATION |
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| 74 | 74 | | BY THE LEGISLATIVE COUNCIL |
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| 75 | 75 | | OF |
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| 76 | 76 | | A N A C T |
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| 77 | 77 | | RELATING TO STATE AFFAIRS AND GOVERNMENT -- HOUSING PRODUCTION |
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| 78 | 78 | | REVOLVING FUND |
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| 79 | 79 | | *** |
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| 80 | 80 | | This act would create the housing production revolving fund through the issuance of fifty 1 |
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| 81 | 81 | | million dollars ($50,000,000) in housing bonds by the department of housing in order to provide 2 |
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| 82 | 82 | | affordable housing for low-income households and provide a five hundred thousand dollar 3 |
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| 83 | 83 | | ($500,000) annual appropriation from the general assembly. 4 |
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| 84 | 84 | | This act would take effect upon passage. 5 |
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| 85 | 85 | | ======== |
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| 86 | 86 | | LC002093 |
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| 87 | 87 | | ======== |
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