Rhode Island announces first wave of housing bond investments
“It’s not every day that I’m in this room at a press
conference that I’m actually going to say something directly to the media,
which is a heartfelt thank you. Thank you, Steve Alquist and Chris Shea,
for talking about housing and highlighting it,” said Speaker of the House
Shekarchi (Democrat, District 23, Warwick). “We passed in Rhode Island, by an
overwhelming majority, the single largest housing bond in the state’s history.
The governor proposed a hundred million dollars. We, the General Assembly ...
were able to increase that by about 20%. The single largest housing bond was
passed overwhelmingly.
“Rhode Island is in the midst of a housing and homelessness
crisis, and the best remedy is to increase housing production,” continued the
Speaker. “In recent years, the General Assembly has taken bold steps to address
our housing shortage, enacting nearly 60 new laws to streamline development,
cut red tape, and spur development. This bond - which my General Assembly
colleagues and I are proud to have strongly supported - is the critical next
step to putting those laws into action, accelerating construction, and
delivering real results for Rhode Island families.”
Here’s the video: RI announces first round of
housing bond money allocations
First Wave: $81 Million
Applications are now open for the following housing bond
programs:
- Housing 2030
Infrastructure Program - Provides up to $8 million for
municipalities and developers to offset the cost of essential
infrastructure (such as water, sewer, septic systems, and roads) that make
new housing development possible. Municipalities and developers are
encouraged to apply.
- Housing 2030 Municipal
Planning Program - Provides up to $1 million to assist
municipalities with architectural and engineering work to advance
strategic housing development projects aligned with Housing 2030 goals.
Municipalities are encouraged to apply.
“Cities and towns across Rhode Island are making significant
progress in approving and expanding new housing in their communities,”
said Randy Rossi, Executive Director of the Rhode Island League of Cities and Towns.
“Yet with limited staff capacity and infrastructure that has often exceeded its
original design, local governments can’t make these projects work without help.
This funding represents a critical partnership to ensure housing growth is both
achievable and sustainable.”
On October 23, the state will open its One-Stop Application
process through RIHousing,
making available an additional $66 million in housing bond funds alongside
other state and federal housing resources.
“State investments are crucial as we continue to face a
challenging housing market,” said Carol Ventura, CEO &
Executive Director of RIHousing. “With the funds from the housing bond that
Rhode Islanders overwhelmingly approved, paired with dollars from the state’s
2030 plan and RIHousing’s upcoming Consolidated Funding round, we are
leveraging a variety of programs to encourage and support housing activities in
every Rhode Island community.”
The One-Stop Application will include the following
funding from the housing bond:
- Housing 2030 Permanent
Supportive Housing Program - up to $12 million to support a new
set-aside for developing small-scale permanent supportive housing with
wraparound services for households needing additional support to maintain
stable housing.
- Housing 2030 Small
Scale Program - up to $12 million to support a new set-aside for
developing new affordable rental housing between 5 and 30 units in rural,
smaller, and infill communities where traditional financing is limited.
- Housing 2030
Affordable Rental Housing New Development Program - up to $27
million to extend a flexible funding program focused on supporting the
production of new affordable rental developments.
- Housing 2030
Preservation Program - up to $10 million ($5 million from the
2024 bond from the Executive Office of Housing, which is matched by $5
million in non-bond funding from RIHousing Affordable Trust) to preserve
and rehabilitate existing affordable housing nearing the end of its
affordability period.
- Housing 2030
Acquisition and Revitalization Program - $10 million to redevelop
foreclosed, blighted, or vacant properties, helping to stabilize
neighborhoods and strengthen local economies.
Applications will open on November 15 for the new Housing
2030 Statewide Home Repair Program, administered by the Providence Revolving Fund and
supported with up to $6 million in bond funding. The program assists low—and
moderate-income homeowners and landlords who commit to renting to tenants with
incomes at or below 80% of the Area Median Income (AMI).
Interested applicants can learn more at www.revolvingfund.org.
Second Wave: $39 Million
An additional $39 million in bond-supported programs will
launch in the coming months, including:
- Up to $20 million to
support homeownership initiatives
- Up to $10 million for
public development
- Up to $4 million for a
pipeline expeditor fund to accelerate project timelines
- $5 million for site
acquisition
- Today, the Rhode Island Executive Office of Housing is
releasing a Request for Proposals (RFP) seeking a
qualified partner to administer the Site Acquisition Fund. This new
revolving loan program will help nonprofit developers acquire properties
for affordable and supportive housing across Rhode Island. The selected
administrator will oversee the fund, underwrite loans, and leverage at
least a one-to-one match in philanthropic or other financing sources to
maximize impact.
The full RFP is available on the State of Rhode Island Division of Purchases
website, and proposals must be submitted by November 19, 2025.
“Through conversations with developers and municipalities,
we heard clearly that infrastructure challenges remain one of the biggest
barriers to housing production,” said Secretary Deborah Goddard. “In
response, we doubled the original $4 million allocation for the infrastructure
program to address these needs and ensure projects can move forward.
Collaboration and flexibility are essential, and we’ll continue to make
adjustments like this to advance Rhode Island’s housing goals.
“Housing is the foundation for stronger communities, a
healthier economy, and the overall wellbeing of our state,” continued Goddard.
“These investments address the full spectrum of housing needs-from building new
homes to preserving existing units—and we look forward to working with
municipalities, developers, and community partners to deliver results that
benefit Rhode Islanders for generations.”
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