Budget includes $3 million for R.I. housing

R.I. HOUSING has provided assistance for the Olney Village redevelopment in Providence, a project of the former Olneyville Housing Corp., now the nonprofit ONE Neighborhood Builders.
R.I. HOUSING has provided assistance for the Olney Village redevelopment in Providence, a project of the former Olneyville Housing Corp., now the nonprofit ONE Neighborhood Builders.

PROVIDENCE – Rhode Island Housing has received $3 million in the fiscal 2016 state budget to supplement private development of affordable apartments.
The funds, which were proposed by Gov. Gina Raimondo and approved by the General Assembly, will allow developers to qualify for federal tax credits and are expected to lead to preservation of 200 to 300 apartments in the Ocean State, said Barbara Fields, executive director of R.I. Housing.
The $3 million will leverage $12 million in public and private financing for projects, she said. R.I. Housing will provide the financing for projects ready to proceed to construction, but for the public incentives. “Right now, equity is looking for projects and Rhode Island has a reputation as a place to do these,” Fields said, in a recent interview.
In the recent past, R.I. Housing has provided assistance for the Olney Village redevelopment in Providence, a project of the former Olneyville Housing Corp., now the non-profit ONE Neighborhood Builders. The project revitalized 16 lots and distressed buildings near D’Abate Elementary School, creating 40 residences, in one- to four-bedroom configurations, which are now leased to low-income families.
Demand for affordable housing in Rhode Island is seen across the board in a variety of communities. Although Fields said a more comprehensive study is needed to determine what exists and what is needed. The $3 million appropriation is a part of the economic development package approved by the General Assembly.
“When you invest in housing, you’re investing in jobs,” Fields said. “You’re helping stimulate the economy by putting people back to work.”

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