Rhode Island 2025 Regular Session

Rhode Island House Bill H5952 Compare Versions

Only one version of the bill is available at this time.

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5	5	2025 -- H 5952
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7	7	LC002115
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9	9	S T A T E O F R H O D E I S L A N D
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2025
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14	14	A N A C T
15	15	RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND HOUSING
16	16	AND MORTGAGE FINANCE CORPORATION
17	17	Introduced By: Representatives Kazarian, Furtado, Dawson, DeSimone, and Alzate
18	18	Date Introduced: February 28, 2025
19	19	Referred To: House Municipal Government & Housing
20	20	(by request)
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22	22	It is enacted by the General Assembly as follows:
23	23	SECTION 1. Chapter 42-55 of the General Laws entitled "Rhode Island Housing and 1
24	24	Mortgage Finance Corporation" is hereby amended by adding thereto the following section: 2
25	25	42-55-31. Home ownership assistance account. 3
26	26	(a) The home ownership assistance account is hereby created and administered by the 4
27	27	Rhode Island housing and mortgage finance corporation to expand this state’s supply of 5
28	28	homeownership housing for families and individuals with income at or below area median income, 6
29	29	including persons over sixty-five (65) years of age, persons of color, indigenous persons, members 7
30	30	of federally recognized Indian tribes, persons with disabilities, veterans and agricultural workers. 8
31	31	An amount equal to twenty-five percent (25%) of monies deposited pursuant to § 34-13-7 shall be 9
32	32	dedicated for expenditure to expand this state’s supply. The Rhode Island housing and mortgage 10
33	33	finance corporation shall have a policy of distributing these funds so collected statewide while 11
34	34	concentrating funds in those areas of this state with the greatest need, as determined by the 12
35	35	corporation. 13
36	36	(b) Funds in the home ownership assistance account shall be used for: 14
37	37	(1) Grants to organizations that provide down payment assistance; 15
38	38	(2) Grants to organizations that both sponsor and manage homeownership programs for 16
39	39	households with income at or below area median income; or 17
40	40	(3) Grants and technical assistance to organizations that, in working with households with 18
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44	44	income at or below area median income, assist persons of color in obtaining homeownership. 1
45	45	(c) The corporation shall develop a policy for disbursing grants or technical assistance 2
46	46	under subsection (b) of this section for any or all of the following purposes: 3
47	47	(1) To aid homeownership programs for households with income at or below area median 4
48	48	income, including program administration, providing assistance with down payment costs, or 5
49	49	providing homeownership training and qualification services or any combination thereof. Funds in 6
50	50	the home ownership assistance account may not be used by an organization to pay for its general 7
51	51	operations that do not support homeownership. 8
52	52	(2) To match public and private monies available from other sources to provide 9
53	53	homeownership assistance for households with income at or below area median income. 10
54	54	(3) To administer the home ownership assistance account as provided for in the 11
55	55	legislatively approved budget. 12
56	56	(d) The council, in developing policy under subsection (c) of this section, shall give 13
57	57	preference in making grants to those entities that propose to: 14
58	58	(1) Ensure long-term affordability and opportunities for generational wealth building, 15
59	59	including through loan forgiveness or shared equity; 16
60	60	(2) Ensure the longest use for the units as homeownership housing units for households 17
61	61	with income at or below area median income, such as by including some form of equity recapture, 18
62	62	land trust or shared equity provisions, as determined by the council; 19
63	63	(3) Include services for occupants and proposed occupants of housing, including 20
64	64	homeownership training, mortgage qualification service and financial literacy; and 21
65	65	(4) Support a comprehensive strategy to reverse the decreasing rates of homeownership 22
66	66	among persons of color, giving priority to activities that support and incorporate best practices or 23
67	67	demonstrate proven success in increasing homeownership for persons of color. 24
68	68	SECTION 2. This act shall take effect upon passage. 25
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75	75	EXPLANATION
76	76	BY THE LEGISLATIVE COUNCIL
77	77	OF
78	78	A N A C T
79	79	RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND HOUSING
80	80	AND MORTGAGE FINANCE CORPORATION
81	81	***
82	82	This act would provide for a home ownership assistance account administered by Rhode 1
83	83	Island housing and mortgage finance corporation to expand home ownership 2
84	84	This act would take effect upon passage. 3
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