Friday, December 9, 2016

Strong Support for Housing Opportunity Bond at the Polls

“Yes on 7” campaign successfully
passes $50 million housing bond
Rhode Island voters overwhelmingly approved the $50 million dollar Housing Opportunity bond on Election Day. The measure had been placed on the ballot by Governor Raimondo and the legislature.

“We’re thrilled that Rhode Islanders have passed the Housing Opportunity bond, which will create jobs and strengthen our economy,” said Barbara Fields, Executive Director of Rhode Island Housing. “These much-needed investments will bring us one step closer to our goal of revitalizing communities, creating homes for families, and ensuring that everyone in Rhode Island has access to housing that is within their financial reach.”

$40 million of the Bond proceeds will leverage an additional $160 million in federal and private investment to help produce housing.  The remaining $10 million will be used to return blighted and foreclosed properties to productive use. This will improve public safety, increase property values and spark revitalization in neighborhoods and communities across Rhode Island. The Housing Opportunity bond will create 1,700 good paying jobs for Rhode Islanders.

The bond will make an important contribution in addressing the serious shortage of housing that Rhode Island currently faces.