Bond Measure 2 - HB 7225 - Acquisition, Development, and Infrastructure Bond Measure

Shall the action of the general assembly, by an act passed at the January 2024 session, authorizing the issuance of bonds, refunding bonds, and temporary notes of the State of Rhode Island for the capital projects and in the amount with respect to each such project listed below be approved, and the issuance of bonds, refunding bonds, and temporary notes authorized in accordance with the provisions of said act? (2) Housing and Community Opportunity ($120,000,000)
Approval of this question will allow the State of Rhode Island to issue general obligation bonds, refunding bonds, and/or temporary notes in an amount not to exceed one hundred and twenty million dollars($120,000,000) to increase the availability of housing, support community revitalization, and promote home ownership to be allocated as follows: Affordable Housing $80,000,000 Provides ninety eighty million dollars ($80,000,000) to increase and preserve the availability of low and moderate income housing. Of this amount, up to ten million dollars ($10,000,000) may be used to support a new program for public housing development. (b) Acquisition and Revitalization $10,000,000 Provides ten million dollars ($10,000,000) to support community revitalization through property acquisition and the redevelopment of existing structures. (c) Homeownership $20,000,000 Provides twenty million dollars ($20,000,000) to increase production of low and moderate and middle- income housing intended for homeownership. (d) Site Acquisition $5,000,000 Provides five million dollars ($5,000,000) to support the acquisition of properties for redevelopment as affordable and supportive housing. (e) Housing Related Infrastructure $4,000,000 Provides four million dollars ($4,000,000) to support pre-development and development of site-related physical infrastructure necessary to produce additional affordable housing. (f) Municipal Planning $1,000,000 Provides one million dollars ($1,000,000) to provide assistance to municipalities to plan and implement changes that up-zone or otherwise enable additional housing development.