The McKee Administration’s latest round of funding draws from the historic $321 million allocation under the American Rescue Plan Act, aimed at housing development and preservation. This round alone boasts over $90 million in funds, indicating the scale of Rhode Island’s ambition to combat housing shortages and improve living conditions across the state.
Governor McKee highlighted the significance of this initiative, stating its role in generating momentum for new development projects that promise to transform lives by offering more affordable living spaces. This effort is not just about building homes but creating communities where Rhode Islanders can thrive.
The applications, requesting over $192 million, cover a wide spectrum of needs, from new housing construction to the preservation of existing units and gap financing for ongoing projects. This demonstrates the high demand and urgent need for resources to bolster housing infrastructure in the state. Projects span across 21 of Rhode Island’s 39 municipalities, showcasing the widespread impact and reach of this funding initiative.