RIHousing, McKee announce more than $90M in funding for affordable housing

Alex Dube,

PROVIDENCE, R.I. (WLNE) — On Monday, Governor Dan McKee, the Rhode Island Department of Housing and RIHousing announced that more than $90 million in funding for programs supporting affordable housing in the state is available.

According to state officials, of the 13 programs included in this round of funding, five have been funded with more than $65 million in State Fiscal Recovery Funds, part of the General Assembly’s historic investment of $321 million in housing across the state.

The programs fund a range of affordable housing developments and most focus on housing for families with income below 80% of the Area Median Income, including supportive housing for people experiencing homelessness.

The 13 programs and the amounts allocated to each are as follows,

  • 2024 9% Low-Income Housing Tax Credit (LIHTC) — $3.3 million
  • Tax Exempt Bonds and 4% LIHTC — For rental housing only
  • Development of Affordable Housing 2 (DAH2) — $18 million
  • HOME Program Investment Funds (“HOME Funds”) — $3 million
  • Community Revitalization Program (CRP) — $3.6 million
  • Acquisition Revitalization Program (ARP) — $3.6 million
  • Capital Magnet Fund (CMF) — $8.6 million
  • Middle Income Loan Program — $12.5 million
  • Priority Projects Fund — $27 million
  • Transportation Oriented Development — $4 million
  • HOME-ARP Supportive Service — $3 million
  • Housing Production Fund — $3.8 million

For more information on all 13 programs, visit the RIHousing website.

Categories: News, Rhode Island

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