Official State of Rhode Island website

State of Rhode Island Executive Office of Housing

Housing Bonds

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Over the past twenty years, nearly every community in the state has benefitted from one of the five housing bonds that have been passed, totaling $310 Million. These bonds have supported the development of affordable rental homes and homeownership opportunities in communities across the state, with long-term affordability requirements that ensure lasting impact. From financing more than 3,500 affordable rental units and hundreds of homeownership opportunities to strengthening local economies, these investments have proven both effective and essential.  

Building on this track record, the 2024 housing bond modernizes where and how funding is spent, expands partnerships and programs, and ensures that future investments continue to meet the state’s housing needs with greater flexibility, accountability, and scale. 

Please note that some amounts may change based on demand for each program. 

 

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Development and Preservation of Affordable Housing

Housing 2030 Affordable Rental Housing New Development Program – Up to $27 MILLION to extend a flexible funding program focused on supporting the production of new affordable rental developments. 

Housing 2030 Small Scale Program – Up to $12 MILLION to support a new set-aside for the development of new affordable rental housing between 5 and 30 units in rural, smaller, and infill communities where traditional financing is limited. 

Housing 2030 Permanent Supportive Housing Program – Up to $12 MILLION to support a new set-aside for the development of small-scale permanent supportive housing with wraparound services for households needing support to maintain housing. 

Housing 2030 Preservation Program – Up to $10 MILLION to preserve and rehabilitate existing affordable housing nearing the end of its affordability period. This amount includes $5 MILLION in non-bond funding, provided by RIHousing Affordable Trust.  

Housing 2030 Public Developer Program – Up to $10 MILLION to enable Public Housing Authorities and their nonprofit affiliates to develop and preserve affordable rental housing statewide. 

Housing 2030 Statewide Home Repair Program – $6 MILLION to support low- and moderate-income homeowners & landlords who commit to renting to low- and moderate-income tenants statewide. 

Note: This program is administered and operated by the Providence Revolving Fund. 

Housing 2030 Pipeline Expeditor Fund – Up to $4 MILLION to speed up project timelines by providing early- stage funding to developers. 

Homeownership

Housing 2030 Entry Level Homeownership Program – $20 MILLION to expand access to affordable homeownership for low- and moderate-income Rhode Islanders while accelerating the development of new, entry-level homes. 

Acquisition and Revitalization

Housing 2030 Acquisition and Revitalization Program – Up to $10 MILLION to redevelop foreclosed, blighted, or vacant properties, helping to stabilize neighborhoods and strengthen local economies. 

Infrastructure

Housing 2030 Infrastructure Program – Up to $8 MILLION to help municipalities and developers cover costs for essential infrastructure (water, sewer, septic, roads) to unlock housing development potential. 

Note: Original amount was $4 million, but in response to consistent feedback from municipalities that infrastructure costs are a barrier to housing development, the initial amount was doubled.

Site Acquisition

Housing 2030 Site Acquisition Program – $5 MILLION to seed a revolving loan fund that will help nonprofit developers compete in the market for properties across Rhode Island. 

Note: This program is administered and operated by the Rhode Island Foundation, who has made a 2:1 match, bringing the total for this program to $15 million.  

Municipal Assistance

Housing 2030 Municipal Planning Program – $1 MILLION to support municipalities with architectural and engineering work to advance infrastructure to support housing development aligned with Housing 2030. 

For information on awards made to date, funding progress, and project details, visit the EOH Data Hub: 2024 Housing Bond Updates | EOH Data Hub 

For information on previous housing bonds, click here.