PROVIDENCE, RI – On May 16th, Governor Dan McKee, the Department of Housing, and RIHousing announced the approval of over $102 million in funding awards for housing construction, preservation, and operating costs in Rhode Island. The awards are a culmination of the consolidated funding process issued in November of last year. Investments made in this funding round, combined with previous investments of State Fiscal Recovery Funds, are financing a total of over 2,600 homes, including over 2,000 homes that are affordable and over 250 middle income homes. In this round, we are awarding funding for 771 newly financed homes using State Fiscal Recovery Funds and 249 homes financed from other sources.

“RIHousing and the Rhode Island Department of Housing have put together a strong package of investments that are going to make Rhode Island lives better,” said Governor Dan McKee. “I am particularly proud of the funds that our administration has contributed to this effort. Of the $102 million being discussed on May 16th, $63 million comes from our State Fiscal Recovery Funds. I am grateful to our Congressional delegation for securing the funds to make this possible, and to the General Assembly for their partnership.”

“There is high demand for more quality, affordable housing opportunities across Rhode Island. Production needs to keep up, and on May 16th’s funding announcement is an important step forward that will provide hundreds of new affordable homes for local families while helping build the foundation for stronger, healthier communities and a more productive workforce,” said U.S. Senator Jack Reed, who created three of the primary funding streams in May 16th’s announcement – the federal Housing Trust Fund, the Capital Magnet Fund, and the State Fiscal Recovery Funds program – and who, along with his colleagues in the Congressional delegation, helped deliver the majority of funding in May 16th’s announcement.

“We need to do everything we can to ensure every Rhode Islander has a safe, affordable place they can call home,” said Congressman Seth Magaziner. “This federal funding will be used to help build and preserve affordable housing options for working people, and I will continue fighting in Congress to make housing more affordable and accessible.”

“I am pleased with May 16th’s funding announcement because housing is an issue that is top of mind for Rhode Island families,” said Congressman Gabe Amo. “Every dollar we dedicate to expanding the stock of housing is a dollar that helps our neighbors striving for the stability of home ownership or saving to put a down payment on their first home. Having a safe, reliable, and stable roof over one’s head is an essential need, and in Congress, I’ll continue to work with federal, state, and local colleagues to secure additional resources as we address this key issue for Rhode Islanders.”

Of the over $102 million awarded, over $63 million are State Fiscal Recovery Funds (SFRF), funding provided by the federal government under the American Rescue Plan Act (ARPA) of 2021 and part of Governor McKee and the Rhode Island General Assembly’s historic investment into housing and homelessness programs. Combining SFRF with other funding sources has been instrumental in increasing the construction and preservation of affordable housing in the state. With these awards, almost all SFRF funds for housing production and preservation have been committed. These awards include those approved earlier on May 16th, at RIHousing’s May Board of Commissioners meeting, attended by Governor McKee, in addition to awards made since March by both RI Housing and the Department of Housing that were part of the consolidated funding process.

“Rhode Island has a severe housing shortage across all price points, and our residents of lower incomes are being disproportionately impacted. We are pleased to see State Fiscal Recovery Funds being awarded for affordable housing that our state sorely needs, and we look forward to working in concert with the Department of Housing, RIHousing, and our partners across government to ensure these funds are deployed swiftly,” said Speaker of the House K. Joseph Shekarchi and Senate President Dominick J. Ruggerio. “Thank you to Sen. Jack Reed for being such a strong advocate for Rhode Island, and thank you to RIHousing for working to close the housing gaps in our state.”

The developments that received award approval on May 16th, applied for funding through the Department of Housing and RIHousing's consolidated funding round. The consolidated funding application combines multiple programs under one Request for Proposals (RFP), allowing developments to apply to multiple funding sources with just one application. The awards approved on May 16th, support multiple developments that will receive federal Low-Income Housing Tax Credits (LIHTCs). Housing development projects in Rhode Island are also receiving funding awards through other federal and state programs including Capital Magnet Fund, the Priority Projects Fund (PPF), the Transit-Oriented Development Program, the Housing Production Fund (HPF), the Housing Production Fund – Extremely Low Income (HPF-ELI), and U.S. Treasury's Emergency Rental Assistance 2 Program.

RIHousing and Department of Housing jointly released the third round’s RFP in November 2023 and announced its completion in January of this year. The RFP received 75 applications requesting over $240 million in funding, a number that showcases how high the demand is for housing construction and preservation funding in Rhode Island. Today’s awardees include both new developments and developments that previously have been awarded funding in prior rounds.

“In order to meet the needs of Rhode Islanders, our state needs to produce more housing – at more affordable levels. With these investments, we are making more progress in that direction. The developments funded through this round are significant projects that will grow and preserve housing options -- with a focus on middle-income and affordable housing -- across our state,” said Stefan Pryor, Secretary of Housing and Chair of RI Housing Board of Commissioners. “We thank Governor McKee, Speaker Shekarchi, Senate President Ruggerio, our Congressional delegation, and the RIHousing team for the investments and partnerships that make these awards possible.”

“RIHousing has been proud to administer more than $200 million in State Fiscal Recovery Funds, providing the financing and support our partners need to build and preserve housing in our state,” said Carol Ventura, CEO of RIHousing. “We look forward to watching these dollars continue to be put to work in our communities, transforming neighborhoods and bringing stable, affordable homes to Rhode Islanders.”

Developments receiving funding in this round and previous rounds are in municipalities throughout the state: Central Falls, Coventry, East Greenwich, East Providence, Jamestown, Johnston, Lincoln, Middletown, Narragansett, Newport, North Kingstown, Pawtucket, Portsmouth, Providence, Smithfield, Tiverton, Warwick, and Woonsocket.

To view information about individual projects, visit: Developments-Funded-Through-the-3rd-Consolidated-Funding-Round.pdf (rihousing.com

In addition to these awards, next week, the Housing Resources Commission will consider final approval of more than $4 million in funding through the Building Homes Rhode Island (BHRI) program, which were also included in the consolidated RFP.

This summer, there will be additional funding opportunities including the Housing Production Fund (HPF), Housing Production Fund - Extremely Low Income (HPF-ELI), ERA 2, and remaining Middle Income Housing funds.