Housing Network of Rhode Island responds to housing investments included in the FY27 state budget

PROVIDENCE – The Housing Network of Rhode Island (HNRI) is deeply grateful to legislative leaders and members of the General Assembly for advancing a $120 million housing bond to increase and preserve affordable housing as part of the FY27 budget.

Rhode Island has seen firsthand how strategic investments in affordable housing can strengthen communities and expand opportunity. Over the last five years, historic state investments have supported the development and preservation of affordable homes that serve low- and moderate-income residents across the state. These homes provide stability for working families, older adults, people with disabilities, veterans, survivors of domestic violence, and individuals transitioning out of homelessness – housing that would not have been possible without these dedicated resources.

Beyond increasing the supply of long-term affordable homes, these investments have attracted additional federal and private funding, stimulated local economic activity, supported job creation, and contributed to the revitalization of neighborhoods throughout Rhode Island. The $120 million housing bond approved in the FY27 budget will build on that progress by supporting rehabilitation, new construction, property acquisition, infrastructure improvements, and homeownership opportunities. These resources will help create and preserve homes that Rhode Islanders need while positioning the state to address its ongoing housing shortage.

While we are encouraged by the inclusion of the proposed housing bond, we recognize that increasing housing supply through capital investments is only one part of the solution. Today, one-third of Rhode Islanders are housing cost-burdened, spending more than 30% of their income on housing and struggling to afford other basic necessities such as food and health care. Among extremely low-income renters in Rhode Island, that number rises to 70%. We remain committed to working with policymakers to advance complementary tools that help the lowest income Rhode Islanders access and maintain stable housing, including state-funded rental subsidy, stronger tenant protections, and other affordability-focused investments that ensure the benefits of housing development reach Rhode Islanders with the greatest need.

We thank the General Assembly for continuing to recognize that strategic housing investments deliver long-term benefits for Rhode Islanders and the state’s economy. The Housing Network looks forward to working with policymakers, advocates, and community partners to secure voter approval of Question 2 and continue building a Rhode Island where all residents live in safe, healthy, affordable homes in thriving communities.

 

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The Housing Network of Rhode Island (HNRI) works to increase and preserve the supply of high-quality affordable homes across Rhode Island through coalition building, increasing public support, and policy advocacy. Our vision is that all Rhode Islanders live in safe, healthy, and affordable homes in thriving communities.

 

PRESS CONTACT: Nicole Dotzenrod

Communications Manager, Housing Network of Rhode Island

ndotzenrod@housingnetworkri.org | (401) 721-5680 ext. 103