Sen. Pichardo proposes $100 million bond referendum for affordable housing

STATE HOUSE – Sen. Juan M. Pichardo (D – Dist. 2, Providence) has proposed a
referendum that would ask voters in November to approve a bond initiative providing
$100 million for affordable housing.
The bill (2016-S
2446)
would provide for a bond referendum which would authorize the issuance of bonds for
affordable housing in the amount of $100,000,000 at the election to be held on
November 8, 2016. The legislation, if approved by the General Assembly and by Rhode
Island voters, would provide state funds to promote affordable housing through
redevelopment of existing structures, or new construction.
«This is a good time to invest in affordable housing,» said Senator Pichardo. «We
have mandated that our cities and towns retain a certain percentage of housing as
affordable. They have affordable housing plans in place. This bond is good for young
people looking to buy a starter home. This bond on the ballot will go a long way
toward helping people who are still bearing the burden of the housing crisis.»
The legislation, which is cosponsored by Senators Elizabeth A. Crowley (D-Dist. 16,
Central Falls, Pawtucket), Paul V. Jabour (D-Dist. 5, Providence), Donna M.
Nesselbush (D-Dist. 15, Pawtucket, North Providence) and Stephen R. Archambault
(D-Dist. 22, Smithfield, North Providence, Johnston), has been referred to the
Senate Finance Committee.