“Housing is an essential component of strong communities – it
serves as the foundation of economic wellbeing for Rhode Island families,” said
Governor Raimondo. “The resources from
the Capital Magnet Fund will help our continued efforts to ensure that Rhode
Islanders are not burdened by unsustainable housing costs and will allow us to
continue creating an environment that incentivizes residents and businesses to
choose Rhode Island and help us further strengthen our economy.”
Senator Reed led the effort to create Treasury’s Capital Magnet
Fund. Started in 2008, the fund invests in community development financial
institutions and non-profit housing developers to increase investment in
affordable housing and economic development. This year, RIHousing was one of 40
recipients nationwide to be selected by Treasury.
“The Governor and RIHousing worked hard to put together a
successful application for this highly-competitive grant. This is a smart investment that should put
folks to work and put more working families in homes they can afford,” said Senator
Reed, a senior member of the Banking Committee, which oversees federal housing
policy, and the Ranking Member of the Appropriations Transportation, Housing
and Urban Development (THUD) Subcommittee.
The Capital Magnet Fund requires recipients to leverage $10 of additional
investments for every $1 of federal funds.
RIHousing plans to exceed that goal and estimates that this award will
help attract over $110 million in public and private investment.
