Stable, consistent funding is a key component missing in our work
to end homelessness in Rhode Island. Each year, affordable housing
funding is cut from the state budget, yet the need for affordable
housing continues to grow. We need a permanent funding stream to
address this growing problem.
A predictable funding source will allow more strategic and efficient
development of affordable housing. Housing development is almost always
a multi-year process, therefore developers need reliable funding to
make these projects successful. Affordable housing development is being
hindered because future funding is unpredictable.
Rhode Island is one of only nine states with no dedicated funding stream
for affordable housing. It is time Rhode Island made a commitment to
ensuring this basic need to its residents.
Legislation for dedicated funding has been introduced by Senator Tassoni (S2203) and Representative Slater (H7265). These identical bills call for $12.5 million in funding for the Neighborhood Opportunities Program in FY2013. The bills also call for a housing bond for $75 million.