Authorizes the department of housing to issue bonds in the amount of $50,000,000 with a maturity date not to exceed 20 years, to establish the housing production revolving fund, to promote the development of housing and ensuring more affordable housing.
Impact
The Housing Production Revolving Fund is designed to promote developments where at least 20% of the housing units will be reserved for households earning 50% or less of the area median income, and an additional 10% for households earning up to 80% of the area median income. This legislative effort reflects a commitment to addressing the urgent housing crisis by increasing the availability of affordable housing options, potentially alleviating some of the pressures faced by low-income families in the state.
Summary
Bill S2868, formally known as the Housing Production Revolving Fund Act, seeks to enhance affordable housing opportunities across Rhode Island by establishing a dedicated revolving fund. The bill authorizes the Department of Housing to issue bonds amounting to $50 million, with a maximum maturity of 20 years to finance the initiative. This fund aims to support housing projects by public developers, ensuring that a significant portion of the housing developed is affordable for low to moderate income households.
Contention
The bill includes stipulations requiring compliance with the Americans with Disabilities Act, promoting local hiring for construction and encouraging the incorporation of green building standards. However, potential points of contention may arise regarding the adequacy of funding and long-term sustainability of the program, particularly in regards to how effectively the funds can be managed and the expected outcomes in terms of housing availability and affordability.
Joint Resolution Making An Appropriation Of $5,000,000 To The Rhode Island Office Of Housing And Community Development To Provide For The Housing Problem Solving Fund (this Resolution Would Authorize The Appropriation Of The Sum Of $5,000,000 To The Office Of Housing And Community Development To Provide Funding For The Housing Problem Solving Fund.)