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.









