Affordable Housing Bonds $25,000,000
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?
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.
The Rhode Island Housing Resources Commission estimates the useful life of the affordable housing to be a minimun of 30 years.