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Enews Archives

February 16, 2006

Bond not in Governor's budget
The Governor released his state budget last week. HousingWorks RI was disappointed that the budget did not include a $75 million bond for affordable housing and that the Neighborhood Opportunities Program was funded through bonding (rather than as a line item appropriation).

The HousingWorks RI 2006 policy platform calls for a voter referendum bond to jumpstart the production of affordable homes. The Housing Resources Commission’s strategic housing plan estimates that Rhode Island is more than 13,000 affordable homes short. And every year we fall farther behind. With a yearly income of $75,000 enough to afford the median-priced single-family home in just two Rhode Island communities, it’s time for a production booster shot. The bond will do that and bring Rhode Island’s public’s investment in housing more in line with our neighbors.

The Neighborhood Opportunities Program (NOP) is the state’s primary affordable housing production program. NOP has helped produce more than 900 quality affordable homes in communities across Rhode Island. If the state is committed to investing in long-term solutions, NOP must be funded as an annual line item appropriation.

HousingWorks RI looks forward to working with the General Assembly to promote the elements of our platform. We will need your help, so stay tuned to www.HousingWorksRI.org for ways you can make a difference.

Lagging home construction drags down economic forecast
According to the most recent University of Rhode Island/Providence Journal Economic Index forecast, slowed down house construction is one of the "biggest drags" on Rhode Island's economy.

Single-family housing permits were down 14.94% in the fourth quarter. The overall economic index this quarter was down 0.66%. "Rhode Island just can't seem to get any traction," said University of Rhode Island economist Glenworth Ramsay. The drop in housing impacts other economic factors, particularly consumer spending.

For more information on the URI/Providence Journal Economic Index, click here.

Economic Development Corporation highlights multi-use development, use of state historic tax credits in mill renovations
February 8’s West Bay edition of the Providence Journal featured an article on New Urbanism, a type of development that focuses on “independent villages within larger communities, where residents can live, work, and shop.”

The article describes new multi-use developments underway or on the drawing board in Coventry, East Greenwich, Warwick, West Greenwich and West Warwick. Mike McMahon, chairman of the Rhode Island Economic Development Corporation (a HousingWorks RI member), said that Rhode Islanders want “close-knit communities, historic buildings and vibrant cities.”

McMahon pointed out that redevelopers of several West Warwick mills have made good use of state historic tax credits. The HousingWorks RI policy platform supports the preservation of a strong state historic tax credit program, an important resource for the production of affordable housing in Rhode Island.

To read the Providence Journal article, click here.*

Northwest Rhode Island’s housing costs highlighted
On February 2, the Providence Journal ran an article on the affordability of housing in northwest Rhode Island and featured HousingWorks RI’s analysis of fourth quarter home sales statistics. Glocester Town Planner Ray Goff said that the expensive Boston housing market is impacting home prices in the region, with commuters able to “out-compete” local buyers.

To read the article, click here.*

*All articles have been saved as Adobe PDF documents. To download the latest version of Adobe Reader, click here.