Ballot Measures

Affordable Housing Bonds $25,000,000

Description:

Approval of this question will allow the State of Rhode Island to issue general obligation bonds, refunding bonds, and temporary notes in an amount not to exceed twenty-five million dollars ($25,000,000) for affordable housing.

PURPOSE: WHAT WILL THE AFFORDABLE HOUSING BONDS DO?

Approval and issuance of these bonds will provide funding to the Rhode Island Housing Resources Commission for affordable housing - both houses and apartments.

HOW MUCH MONEY WILL BE BORROWED?

$25,000,000

EXPLANATION: HOW WILL THE MONEY BE SPENT?

$25,000,000 will be used to provide funds to the Rhode Island Housing Resources Commission to create affordable homes through redevelopment of existing structures and/or new construction. These funds are expected to be matched by approximately an additional $225,000,000 in funding from other sources.

PROJECT TIME TABLE:

The affordable housing initiative using these funds is expected to commence in July 2013 and expected to be completed by June 2015.

USEFUL LIFE:

The Rhode Island Housing Resources Commission estimates the useful life of the affordable housing to be a minimun of 30 years.

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