The McKee Administration today announced that it has received 75 applications for a third round of housing construction and preservation funding. More than $90 million is available for funding.
The funding comes from the American Rescue Plan Act. The state has allocated $321 million to housing development, with this third round representing a significant portion of that funding. The McKee Administration has previously announced that $159 million of the historic housing package will be dedicated to development financing activities with a goal of being fully awarded by May 2024.
“This round of funding is another example of the work getting done with the historic investment we’ve made in housing,” said Governor Dan McKee. “Creating more housing means Rhode Islanders have more affordable places to live and helps make our state a more attractive place to work, live, and stay. We’re seeing important momentum around new development, and we’ll continue to see new projects get going thanks to this funding that will change lives.”
The Department of Housing and RIHousing will now review the applications and make decisions on the funding recipients in May. The McKee Administration has indicated that funding will not be provided to every submitted proposal, however, the selected projects are expected to make a significant contribution to the state’s housing crisis. The RIHousing CEO, Carol Ventura, expressed confidence in the ability of RIHousing to support development partners and increase the supply of affordable housing in Rhode Island.
The completion of this third round of funding marks a significant milestone in the state’s housing construction and preservation efforts. The McKee Administration remains committed to addressing the housing crisis and ensuring that Rhode Islanders have access to safe, stable, and affordable places to live.
Generative artificial intelligence (AI) assisted a What’sUpNewp journalist with the reporting included in this story.
