News & Event
By Mary MacDonald | April 27, 2018 6:30 am
R.I. Housing and Mortgage Finance Corp. is celebrating its 45th anniversary this year in a position of financial strength, says Executive Director Barbara Fields.
It has created programs to assist first-time homeowners, expanded its servicing of mortgages to include those generated by MaineHousing and emerged from the Great Recession with a surplus of financial assets.
But it is working against a backdrop of unaffordability. Half of all renters and 30 percent of homeowners in Rhode Island are housing-cost burdened, paying more than 30 percent of their take-home income on rent and utilities.
Fields has been executive director of the quasi-public agency since January 2015. She previously was the New England regional administrator for the U.S. Department of Housing and Urban Development and the director of the Local Initiatives Support Corp. in Providence.
What’s the best way for Rhode Island to increase access to affordable housing?
“Build, build, build,” she said.
How has the mission of R.I. Housing changed over the past 45 years? R.I. Housing was established by the General Assembly in 1973 as a public corporation of the state. We have an independent existence from the state, although they exercise a central control over our board. Our primary purpose was to encourage investment of private funds for the development of housing for low- and moderate-income persons, and to function as a source of capital for affordable-housing development. We were basically set up to be the state’s housing bank at a time when many other states were doing this. Today, there are 53 housing finance agencies [nationally].
To view the complete article, visit Providence Business News
Courtesy of Providence Business News
By PBN Staff -September 24, 2019 3:59 pm
PROVIDENCE – The R.I. Housing and Mortgage Finance Corp. will receive $8.4 million in federal funds toward lead cleanup efforts in the state, Sen. Jack Reed, D-R.I., announced Tuesday.
RIHousing will receive $7.8 million from the High Impact Neighborhoods Demonstration, a grant program designed by Reed in 2018, according to Reed’s office. RIHousing was one of seven grantees of the program.
The program, designed to eliminate lead paint from homes, targets neighborhoods with pre-1940s homes, low-income families and high rates of children with elevated blood lead levels.
To read the complete article, visit Providence Business News
Posted May 2, 2018 at 7:41 PM
Updated May 2, 2018 at 7:41 PM
PROVIDENCE — Narragansett Town Planner Michael J. DeLuca, speaking for eight communities in Washington County, urged a legislative commission Wednesday to change state law so that more low-cost housing could be counted as affordable housing.
This in turn would help more towns meet the state’s mandate to have at least 10 percent of the housing stock be affordable, without having to build more housing.
DeLuca also asked that the state law be changed to acknowledge that many slow-growing rural communities can’t immediately meet the state’s 10-percent affordable-housing mandate.
He said he was representing town planners from Richmond, North Kingstown, South Kingstown, Hopkinton, Charlestown, Westerly, Exeter as well as Narragansett, in his presentation before the Special Legislative Commission to Study the Low and Moderate Income Housing Act.
To view the complete article, visit Providence Journal
Courtesy of Providence Journal
By Chris Bergenheim - March 6, 2018 9:14 am
PROVIDENCE – The Home Price Index for Rhode Island real estate rose 8.4 percent year over year in January, the most of any New England state, according to CoreLogic Tuesday.
Nationally, the HPI rose 6.6 percent from January 2017 to January 2018. Washington HPI rose more than any other state in the United States, 12.1 percent year over year.
By Chris Bergenheim - April 23, 2018 4:19 pm
PROVIDENCE – In the federal Tax Cut and Jobs Act of 2017, there was a provision designed to encourage investment in low-income areas that will be designated as “opportunity zones.”
The areas that will be named as opportunity zones will allow investors to qualify for tax incentives by reinvesting capital gains into qualified “opportunity funds” that will privately fund real estate projects, new businesses and startups, and the expansion of existing businesses.
United States governors were authorized to designate 25 low-income census tracts.
Posted May 16, 2018 at 2:36 PM
Updated May 16, 2018 at 2:36 PM
BRISTOL, R.I. — Roger Williams University and the state Department of Health have begun a new partnership that will train student “public health scholars” and establish other programs intended to educate young people and help improve the health of all Rhode Islanders.
The partnership was confirmed with a memorandum of understanding signed by state public health director Dr. Nicole Alexander-Scott and Donald J. Farish, president of Roger Williams. It comes as the university is set to open its own academic department of public health, on July 1.
“This new collaboration will allow us to develop, implement and evaluate cutting-edge public health interventions that will help improve health outcomes in every ZIP code in Rhode Island,” Alexander-Scott said.
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