Yes on 2 campaign launches in support of $120 million housing bond
Rhode Island is at a moment when we have both a clear need
and a clear opportunity: to invest in the homes our communities need and make
it possible for more Rhode Islanders to afford to live, work, and build their
lives here. Too many Rhode Islanders are struggling to keep up with the cost of
housing. One in three Rhode Island households is housing cost-burdened, paying
more than one third of their income toward housing costs and leaving them at
elevated risk of losing their homes.
At the same time, incomes have not kept up with housing
costs. To afford to buy a home anywhere in Rhode Island requires an income of
nearly $130,000 - more than $40,000 above the state’s median household income.
For renters, the income needed to afford a home in every R.I. community is more
than $60,000, while the average renter household earns just $48,434.
Rhode Island is also facing a significant shortage of
affordable homes, leaving thousands of households competing for a limited
supply of housing they can afford. The $120 million bond gives Rhode Island an
opportunity to meet this moment with meaningful investment.
The bond would increase and preserve the supply of
affordable homes for Rhode Islanders and support community revitalization
through the redevelopment of existing structures, new construction, property
acquisition, and infrastructure improvements.
Of the $120 million, at least $25 million is allocated to
increase the production of housing intended for homeownership, allowing more
Rhode Islanders to purchase a home. In addition, up to $10 million of the $120
million may support a public housing development program.
Public investment is essential to close the gap between what Rhode Islanders can afford and what the housing market produces on its own. The bond will help create more homes affordable to Rhode Islanders across a range of incomes, including families, older adults, workers, people with disabilities, and aspiring homeowners being priced out of the market.
“Affordable and safe housing is essential to people’s
well-being and Rhode Island’s economic stability,” said Melina Lodge,
Executive Director of the Housing
Network of Rhode Island. “While Rhode Island has made progress in
addressing its housing needs, our state continues to face significant
challenges with housing affordability and availability. This bond is another
step in the right direction to ensure our state is one where all residents are
able to afford to live in safe and healthy homes, in thriving communities.”
“Question 2 is our opportunity to keep building affordable
homes for every Rhode Islander, from first-time homebuyers and working families
to our neighbors who are struggling to find a safe place to call home,” said
campaign spokesperson Jeffrey Taylor. “Housing is the foundation of
strong communities, and we’re asking voters to continue this investment by
voting Yes on 2.”
“I support the Rhode Island housing bond because I’ve seen
firsthand what happens when people don’t have a safe, stable place to call
home,” said Michela Serrano, Certified Community Health Worker and
Certified Peer Recovery Specialist. “I’ve even lost a 65-year-old client while
they were waiting for housing, and that is something I carry with me. Housing
isn’t a luxury – it’s the foundation for health, stability, recovery, and hope.
Rhode Island cannot afford to wait. We have to stand up for Rhode Islanders.
This bond gives our state the opportunity to invest in housing and ensure that
people have stability, dignity, and a place to call home.”
Safe, healthy, affordable homes are foundational to the
strength of communities across the state. If approved, the $120 million bond
will provide an important investment in expanding housing opportunities for
Rhode Islanders and helping communities meet their housing needs.
For more information on the campaign, visit voteyeson2ri.com.
Yes on 2 is a
broad coalition of individuals, organizations, and community leaders in support
of Question 2, the housing and homeownership bond that will be on Rhode
Island’s general election ballot Nov. 3. The effort to pass Question 2 is
funded in part by the Partnership for Rhode Island and the Rhode Island
Foundation, as well as traditional fundraising from organizations and
individuals.
