More results found.
No results match your search term, but we're constantly adding new issuers to the BondLink platform. Looking to learn more?
Providence, RI – RIHousing has approved awards for the creation of workforce housing under the agency’s Workforce Housing Innovation Challenge (WHIC) program at its June Board meeting. The awards will help build or preserve 301 rental units, of which 74 will be workforce-assisted units, at developments in Providence and West Warwick.
“Creating more housing options at a range of price points that Rhode Island families can afford is essential to economic growth and development throughout the state,” said Governor Dan McKee. “I’m pleased these awards will help build and preserve 300 units of much needed housing in our state.”
RIHousing’s Workforce Housing Innovation Challenge (WHIC) program seeks to expand the range of housing options available in Rhode Island through the creation of rental homes for households earning up to 120% area median income (AMI), or $103,800 for a family of four in Providence. In many cities across the country, it is increasingly difficult for middle-income workers (teachers, healthcare professionals, municipal employees, etc.) to buy or rent housing in the areas in which they work. This is due to both a lack of available housing options and wages not keeping up with the increased costs of living.
“The term ‘workforce housing’ is most often used to indicate a program targeted at households that earn too much to qualify for traditional affordable housing subsidies typically limited to households at 60% or 80% of AMI” said Carol Ventura, Executive Director of RIHousing. “The WHIC financing addresses the affordable housing needs of a segment of the state’s workforce, who are increasingly caught in the gap between rising market rents and ineligibility for other affordably assisted housing.”
Currently, the state’s housing stock and building activity aren’t adequately addressing the 80% – 120% AMI housing market. Like many states, in Rhode Island most new unrestricted housing has been built in the ‘luxury’ segment of the market and housing targeted to people who cannot afford ‘luxury’ rents has typically only been built when subsidies were available. However, subsidies are almost always reserved for units that serve families with incomes below 60% of AMI, about $43,260 for a family of four in Providence. Households who need workforce housing may not always qualify for subsidized housing.
In January of 2021, RIHousing issued a Request for Proposals for WHIC Program funds, the second round of funding for the program. The initial round provided $3.4 million in funds to two developments in Providence to assist the construction of 93 rental units, 38 of which are workforce assisted. The second round provides $5.9 million to four proposals.
Funded developments include: