PROVIDENCE - The Local Initiatives Support Corp. Rhode Island announced $525,000 in grant awards for eight communities Wednesday, from its Neighborhood Development Fund for the 2018-2019 season.
The money will be used to increase the state's community-development corporations' ability to produce affordable housing while focusing on addressing broader community revitalization issues.
“Rhode Island, like the rest of the country, is experiencing a serious housing crisis,” said Jeanne Cola, executive director of LISC Rhode Island. “The rental market is very tight in many communities and the median house price has increased to the highest rate in 11 years. There is a critical shortage for housing for seniors and families, especially those earning below $50,000 a year.”