Meeting Rhode Island’s Diverse Housing Needs

Commissioned by RIHousing

Building Homes Rhode Island Status Report: Years of Accomplishments

Since 2006, Building Homes Rhode Island (BHRI) has supported the production and preservation of over 3,200 homes throughout the state. Funded by three voter-approved housing bonds, BHRI has been a critical resource for expanding and preserving our stock of long-term affordable homes. As of 2020, all three bonds – totaling $125 million – have been committed. These investments are making a real impact in our communities by expanding housing opportunities for Rhode Islanders, while also creating good jobs and revitalizing our economy.

As a state-funded and state-administered program, BHRI has the flexibility to respond to our diverse and evolving housing needs. BHRI has produced a wide variety of housing types, from large apartment complexes to single family homes, new construction and rehabilitation. By leveraging additional federal resources, many of these homes are affordable to those with the greatest housing needs: seniors, people with disabilities, and people exiting homelessness.

2006

BHRI 1

$50M

Production & preservation of long-term affordable homes

Revitalization of residential, commercial & public space

$25M $40M $10M

BHRI 2 BHRI 3 ARP*

*Acquisition & Revitalization Program

2012 2016 ➜ More than 3,200 new and preserved long-term affordable homes

➜ Funds used in 34 Rhode Island cities and towns

➜ Over $650 million in additional investments from other public and private sources

➜ 4,000 jobs statewide supported by BHRI construction activity

JULY 2020

SERVING A WIDE RANGE OF INCOMES

Income Level Served

US HUD Income Limit for 3-Person RI Household $22,350 $59,600-$89,400 $44,750 $59,600

< 30% AMI

80%-120% AMI

< 60% AMI

< 80% AMI

600* 2312000 440Homes Created/Preserved

DEVELOPMENT TYPES

Rental Homes Ownership Homes

%

$

#

*Special Needs UnitsNew Construction Preservation Rehab

53% 36% 11%

1

32

2-4

51

5-9

33

10+

74

# of Homes in Structure # of Developments

BHRI Status Report

While most long-term affordable homes in Rhode Island are concentrated in the core cities, BHRI has successfully reached nearly every city and town in the state, including suburban and rural areas. Nearly half of BHRI-financed homes have been created in communities that have not yet met their goal of 10% long-term affordable homes. BHRI is creating these homes where they are most needed.

The Geography of BHRI

 

2 | HousingWorksRI.org

154UNITS

44UNITS

4UNITS

69UNITS

32UNITS

30UNITS

43UNITS

15UNITS

15UNITS

2UNITS

146UNITS

10UNITS

11UNITS

227UNITS

7UNITS

45UNITS

40UNITS

19UNITS

9UNITS

107UNITS

56UNITS

2UNITS

1078UNITS

220UNITS

65UNITS

47UNITS

7UNITS

37UNITS

24UNITS

492UNITS

19UNITS

167UNITS

Burrillville

Glocester Smithfield

Johnston

Cranston

Foster Scituate

Coventry

West Greenwich

Warwick

Hopkinton

Westerly

Charlestown

Richmond

South Kingstown

North Kingstown

Little Compton

Tiverton

Narragansett

Newport

Exeter

WoonsocketCumberland

Lincoln

North Providence

East Providence

Barrington

Warren

Bristol

Portsmouth

Middletown

Pawtucket

Providence

North Smithfield

Central Falls

WestWarwick

East Greenwich

3UNITS

Jamestown

New Shoreham

BHRI Status Report

Revitalizing Our Communities:Acquisition & Revitalization Program

The Acquisition & Revitalization Program, passed along with BHRI III, has been an important tool for revitalizing our communities and combatting blight in the aftermath of the 2008 recession. $10 million in bond funds were dedicated to remediation and revitalization of homes and businesses in the urban core. To date, ARP has produced 150 affordable homes, 15 commercial units, and 7 public facilities. ARP is helping our cities thrive again by creating space for people to live, work, and play.

HousingWorksRI.org | 3

Re-use of architecturally and historically distinct stock: Bourne Mill in Tiverton, with 95 BHRI-funded rental homes, provides more than 230 rental homes in a mixed-income setting.

Helping rural communities meet the needs of their low- and moderate-income residents: All 43 rental homes at Shannock Falls received BHRI funding. The development straddles the border of Charlestown and Richmond in order to make efficient use of the local public water source.

The new Rhode Island College Workforce Hub located in Central Falls at the former site of the Dexter Credit Union received $1 million from ARP.

Rental homes for Special Needs households: Phase I of Kingstown Crossing in North Kingstown provides 46 BHRI-funded rental homes to families who have experienced homelessness, with incomes generally below 30% AMI.

Ensuring health and well-being: BHRI homes are more than just “brick and mortar.” Sankofa Apartments in Providence not only provides 50 BHRI rental homes, but also a community garden and greenhouse.

Photo Credits: Photo top left by Michael Salerno. All others by Gretchen Ertl

Photo Credit: Rhode Island College

Preservation of existing affordability: Prospect Heights in Pawtucket has been providing affordable rental homes since the early 1940s. In its Phase II and III of redevelopment under the new US HUD Rental Assistance Demonstration (RAD), the program received BHRI funding to preserve the affordability of 211 rental homes to households from 30%-60% AMI.

BHRI Status Report

4 | HousingWorksRI.org

The success of Building Homes Rhode Island is clear: more than 3,200 Rhode Island households now have stable, healthy homes that they can afford. Development activity has created thousands of new jobs and strengthened our economy. Voters can see the impact of previous housing bonds every day in their communities.

Yet despite these successes, the need for housing has continued to grow. Rhode Island’s construction activity has not yet recovered from the 2008 recession, and low supply is driving up housing

costs for renters and homeowners. The COVID-19 pandemic could slow production even further, and has left thousands of Rhode Islanders unable to pay their rent or mortgage.

In 2018, Rhode Island invested only $22 per capita towards housing – far lower than our neighbors in Massachusetts ($101) and Connecticut ($96). Now that BHRI housing bonds are fully committed, this investment will decline even further at a time when the state should be increasing investment in long-term affordable homes.

Renewing Our Commitment to Housing

Housing bonds are a critical component of the state’s investment in long-term

affordable homes. Our own success with Building Homes Rhode Island, and the

experience of other jurisdictions, demonstrates how housing bonds can be used

to meet our most pressing housing needs. A new housing bond will allow Rhode

Island to build on the success of BHRI, and meet the new challenges facing the

state’s renters and homeowners.

NEW ENGLAND STATE INVESTMENTS IN AFFORDABLE HOMES PER CAPITAFY15-FY18

$120.00

$100.00

$80.00

$60.00

$40.00

$20.00

$0.00CT MEMA RI VT

FY15 FY16 FY17 FY18

$69.53 $76.98 $85.70 $95.78

$83.54

$99.72$100.12

$100.88

$14.93$14.77

$14.75$26.07

$9.66$8.46

$5.21

$21.90

$52.29$52.49

$53.28

$77.88