July 5, 2005
WE WIN! -- $2.8 million for HousingWorks Policy Platform approved in state budget
Thank you for helping make progress on RI’s housing crisis
The Rhode Island General Assembly stamped its approval on $2.8 million in new money to address the state’s housing crisis in the FY2006 state budget passed earlier this week. Governor Carcieri is expected to sign the spending package into law in the next few days.
The Assembly approved $7.5 million for the Neighborhood Opportunities Program (an increase of $2.5 million over last year) and $300,000 for the Supportive Services Program.
“The Assembly and the Governor recognized the magnitude of the crisis, and they responded,” said Carol Golden, Acting President of The Rhode Island Foundation. “HousingWorks is grateful for the attention and the support of our legislators in addressing this crisis.”
“HousingWorks’ success at the Assembly was the natural result of months of persistent, committed advocacy by all our members,” she added.
“Congratulations to everyone for all of your work advocating on behalf of these real solutions for Rhode Island’s workers and families,” said Anthony Maione, President, the United Way of Rhode Island. “We are now one step closer to ending this crisis.”
HousingWorks keeps growing -- over 20 new members join since announcement of coalition in May
Want proof of the momentum of this effort? In 8 weeks 21 new members have joined the campaign. They are:
Armory Revival Company
BankNewport
BankRI
Centreville Savings Bank
Citizens Bank of Rhode Island
City of Providence
Community College of Rhode Island
Fannie Mae - Rhode Island
Northern RI Affordable Homes Action
The O'Halloran Family Foundation
Opportunities Unlimited
Rhode Island Bankers Association
Rhode Island Community Action Association
Rhode Island for Community and Justice
Rhode Island Economic Development Corp.
Rhode Island Family Life Center
Rhode Island School of Design
Sovereign Bank
Struever Brothers, Eccles & Rouse
The Washington Trust Company
Westbay Community Action
We look forward to working with all our members in the months and years to come to continue making the case for affordable homes in Rhode Island. HousingWorks membership is currently up to 90 community and business leaders. Many new allies joined us and played key roles in our success at the Assembly this year.
View the list of our entire membership.
Harvard University study shows no sign of slowdown in housing market
The country’s torrid real estate market continues unabated, with housing markets posting record growth in 2004, according to the report The State of the Nation’s Housing, published earlier this month. Homeownership reached an all time high of 69 percent, with households of all ages, incomes, races and ethnicities joining the home buying boom.
Mortgage product innovations helped markets stay hot. While subprime loans gave millions with blemished credit records, who would previously have been denied a loan, the chance to buy a home, housing affordability problems are climbing the income scale, according to Nicolas P. Retsinas, Director of Harvard’s Joint Center for Housing Studies and the former Executive Director of Rhode Island Housing.
