NYU FURMAN CENTER PRESENTS REPORT ON PUBLIC DEVELOPMENT STRATEGIES AIMED AT ADDRESSING RHODE ISLAND’S HOUSING CRISIS Published on Thursday, October 17, 2024 Providence, RI – Today, the NYU Furman Center presented their report on Public Development and Ownership of Housing at the October meeting of the Special Legislative Commission to Study Housing Affordability. The report, commissioned by RIHousing and the RI Department of Housing, presented a series of targeted case studies of public development models nationally and internationally, and analyzed potential tools in the Rhode Island context. “The NYU Furman Center report provides important context about the benefits and risks of different public development strategies,” said Governor McKee. “We look forward to continuing the conversation about potential opportunities to add to our toolbox here in Rhode Island to help address the housing crisis.” The NYU Furman Center report identifies several different models of public development that each have distinct benefits, goals, and considerations, similar to any development mechanism. The report surveyed and analyzed models such as mixed income housing development, including the Montgomery County model, public housing conversions, and fully affordable housing models that are additive. Commissioners discussed the report and learned more about the various strategies and tools available to policymakers and market participants. “I have been following with great interest how Montgomery County, Maryland has implemented a public developer model for the creation of mixed-income housing, and I am excited to learn more about how a similar model could function here in Rhode Island,” said Speaker Shekarchi. “The General Assembly has appropriated $10 million for a pilot program, and we will continue to guide our decision-making with data as we tackle Rhode Island’s housing shortage.” “We need all options on the table to address the housing crisis impacting Rhode Islanders. I’m thrilled that we are discussing how public development models can add capacity to our landscape in Rhode Island, as this is a promising and proven practice in other states,” said Representative June Speakman, Chair of the Special Legislative Commission to Study Housing Affordability. “Now is the time to be innovative to ensure families and communities have the access to safe, affordable housing.” “Thanks to the Governor and the General Assembly, Rhode Island has been tackling our housing crisis head on. We need to continue to identify and implement all strategies to meet the moment. With this report, we have new insight into how public development has been used to bolster housing production and can be additive to our work,” said Rhode Island Department of Housing Interim Secretary Dan Connors. “Importantly, this is a project that has both risks and rewards, and our team will be digging into developing strategies that may be appropriate for a pilot program, with input from stakeholders.” “RIHousing is dedicated to expanding housing access and opportunities for all Rhode Islanders through our programs and initiatives,” said Carol Ventura, Executive Director of RIHousing. “We welcome innovative ideas and methods that we can apply to what we do and look forward to exploring new strategies to increase housing in our communities.” "As Rhode Island continues to confront its housing challenges, understanding the breadth of policy tools available is more important than ever,” said Matthew Murphy, co-author of the report. “This report provides a roadmap for exploring public development strategies while carefully considering both the opportunities and challenges they would present. Our goal is to help Rhode Island make informed, thoughtful decisions as it works toward effective and impactful long-term housing solutions.” The report can be found on both the RIHousing and the Department of Housing websites. Public Development and Ownership of Housing- A Feasibility Study for Rhode Island