RI
Rhode Island House Bill H8263

Rhode Island 2024 Regular Session

Rhode Island House Bill H8263

Introduced
5/10/24  
Refer
5/10/24  
Report Pass
6/4/24  
Engrossed
6/6/24  
Enrolled
6/11/24  

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

The passage of H8263 is significant as it bypasses the need for state approval for local initiatives regarding housing funding. This degree of autonomy allows Narragansett to respond more swiftly to housing needs and make independent financial decisions aimed at local development. Proceeds from the bond sales will not only be used for new projects but also for existing housing trust initiatives, potentially leading to an improvement in local housing conditions and accessibility. Furthermore, it is expected to stimulate economic activity in the region by facilitating job creation in the construction and real estate sectors.

Summary

House Bill H8263 aims to empower the town of Narragansett to issue up to $3,000,000 in bonds and notes specifically for the purpose of funding affordable housing initiatives. This act is intended to support various programs and measures aimed at creating and maintaining affordable housing options for low- and moderate-income households. By allocating resources through these bonds, the town council is provided with the authority to invest in the community's housing trust and to implement strategic housing plans as adopted by the town.

Contention

While the bill has garnered wide support, including a unanimous voting history in the house (69 yeas, 0 nays), commentators have raised concerns regarding the impact of increased debt on the town’s fiscal health and the long-term sustainability of funded housing projects. By increasing the town’s liabilities through bond issuance, skeptics worry that future financial burdens could strain tax resources, especially if housing market conditions shift. Additionally, stakeholders have highlighted the necessity for ongoing community engagement to ensure that the funded projects adequately address the needs of diverse population segments within Narragansett.

Latest RI H8263 Activity

View All Events: RI 2024 Regular Session H8263

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 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 S3093

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 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