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RIHousing Deploys Federal Housing Dollars to Revitalize 145 Homes

Published on March 27, 2018 by Rhode Island Housing
RIHousing Deploys Federal Housing Dollars to Revitalize 145 Homes

$3.5 million in federal funding invested in Providence, Pawtucket

PROVIDENCE, RI – RIHousing’s Board of Commissioners today approved funding awards totaling $3.5 million in Housing Trust Fund (HTF) resources to revitalize 145 homes for Rhode Island families. This is the first allocation of this federal resource. The HTF was established in 2008 by Rhode Island Senator Jack Reed. Senator Reed has played a major role in championing efforts to make housing options available to more Rhode Islanders as both a senior member of the U.S. Senate Committee on Banking, Housing and Urban Affairs and a Ranking Member of the Appropriations Subcommittee on Transportation, Housing and Urban Development (THUD).

“As we continue our push to grow the Rhode Island economy, these are smart investments that will strengthen communities, bolster local economic growth, and boost construction jobs,” said Governor Gina Raimondo. “Just as important, these are investments that will help create a better quality of life for all Rhode Islanders by ensuring that more families have access to safe, quality housing.”

“Our most successful workers and students often have at least one thing in common, and that’s a safe and decent place to call home,” said Senator Reed. “I created the Housing Trust Fund to increase and preserve the supply of rental housing so that more workers and students could focus even more on their jobs and studies.  In addition, I made sure that Rhode Island and other small states received a fair amount of funding by including a small state minimum of $3 million in the authorizing legislation.”

RIHousing awarded a total of $3.5 million in HTF resources to support Crossroads Family Housing (Providence) and Prospect Heights II (Pawtucket). Crossroads Family Housing was approved for $1.0 million in HTF funds, and Prospect Heights II was approved for $2.5 million. The HTF is a federal housing program that complements existing federal, state and local efforts to increase and preserve the supply of decent and safe housing for low-income households, including families experiencing homelessness.

“Today in Rhode Island, the demand for homes is outpacing supply and driving up the cost of housing – families at all income levels are feeling the burden of these rising home costs,” said Barbara Fields, Executive Director of RIHousing. “Now more than ever it is critically important that we utilize every available resource at our disposal. We are thrilled to utilize the Housing Trust Fund for the first time in our state to increase the production of homes for Rhode Islanders. A big shout out to Senator Reed for continuing to prioritize the housing needs of Rhode Islanders by working diligently to secure federal resources for our state.”

Located in Pawtucket, Prospect Heights II is the second of a three-phase initiative to renovate a large, historic public housing campus that was first built in 1942. During this phase, 95 existing apartments will be renovated and 20 new affordable apartments will be built for a total of 115 apartments. 47 of the 115 total apartments will be HTF-assisted units for individuals and families with income at or below 30% of the area median income (AMI). The total cost of the development is $16.9 million.

Crossroads Family Housing is a development comprised of fourteen buildings spread across a number of properties in Providence owned by Crossroads Rhode Island. The properties are all urban sites within 1 mile of numerous community resources including stores, schools, churches, post office, offices, and health care providers.  This development will provide safe and comfortable housing for homeless and extremely low-income families from throughout Rhode Island. The total cost of Crossroads Family Housing is $6.8 million.

About RIHousing
RIHousing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing uses its resources to provide loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations.

Media Contact:
Kevin Tente