Rhode Island Housing receives award

PROVIDENCE – Rhode Island Housing, the state’s principal housing agency, has received a national award for program innovation by the National Council of State Housing Agencies.

The award for Rental Housing Preservation and Rehabilitation honors Rhode Island Housing’s Capital Improvement Loan Program, which funds capital improvement work at aging rental housing developments faced with needed repairs and costly updates.

The competitors for the national awards, which are given out annually at the National Council of State Housing Agencies’ national conference, were each of the 50 states’ housing finance agencies plus four territories and districts.

NCSHA received more than 145 award nominations for this year’s awards.

- Advertisement -

“To win such a prestigious national award is an incredible honor, especially as it comes from our peers who understand more than others the unique challenges we face. Preservation of Rhode Island’s thousands of existing affordable homes is a major focus of Rhode Island Housing even as we work to create new affordable housing opportunities,” Richard Godfrey, executive director of Rhode Island Housing, said in a statement.

“Residents, property owners and communities in which these developments are located all benefit from this effort. Homes are repaired and upgraded, owners have the financial resources they need and communities benefit from preserving this housing to keep the owners and residents invested in the neighborhood,” he said.

According to information from Rhode Island Housing, aging developments can be found throughout Rhode Island as in much of the country. Faced with needed repairs and costly updates, owners of existing affordable housing lack capital they need to ensure their homes remain safe and healthy. The program provides deferred loans to conduct code-related repairs to meet health and safety standards, make necessary capital improvements and address physical deterioration to existing rental developments. Many of these developments are owned by nonprofit community development organizations and the rents are maintained at or below the 50 percent tax credit rent level ensuring affordability, but minimizing cash flow.

“We are proud to be able to provide this critical funding to so many of our partners throughout the state. These awards cannot only be measured in dollars. The improvements that come from this funding will improve the safety and well-being for hundreds of individuals and families and help our partners fulfill the critical needs they provide,” Carol Ventura, deputy director, Rhode Island Housing, said.

The most recent round of awards under this program assisted nine developments owned by nonprofit developers with capital improvements to 249 apartments for families and special needs households. The funding was used for structural repairs, fire and alarm upgrades, boiler and heating system repairs and replacements, roof repairs, lead paint violation and apartment upgrades.

“Rhode Island Housing has historically funded nonprofit and community based organizations because it’s an effective way to revitalize neighborhoods. Ensuring that these developments remain viable helps to strengthen and maintain the partnerships we have had with these developers for decades,” Godfrey said.

No posts to display