Housing is one of the most important, time-sensitive issues on the table right now. It impacts us all – our families, our neighborhoods, and our economy.

Glance at any home rental or sale now, and it’s clear that the limited housing stock available is pricing out too many Rhode Islanders from their own communities. We need more affordable homes across our state, which means we need to make bold moves in the months ahead and big progress in the years ahead.

Our Administration proposed a once in a generation, quarter billion-dollar investment to directly combat the lack of affordable housing. I want to thank the General Assembly for acting on that proposal last year for allocation over the next four years. Since that historic investment was passed, our Administration has worked to put that money into action by creating and supporting more housing at all income levels through development and preservation. Already 39 new projects have been funded, one is completed, and three more are actively under construction with the rest expected to close and get underway in the coming weeks and months. These efforts will create and preserve 1,000 units of affordable housing. That’s a significant step forward for Rhode Island. But we need to ensure these developments get done. And we can’t stop there. We need continued commitment to this issue.

We just accepted our second round of proposals for this historical housing funding, receiving 57 proposals for $90 million in development money and nine proposals for $2 million in the pre-development program. After thorough review, we will award these dollars this year and get these projects under way. We’re keeping this ball rolling by forward-committing all of the money that was appropriated for Fiscal Years 2023 and 2024. Projects take time, and this approach will enable us to generate momentum.

Following the General Assembly’s authorization of a new, stand-alone Department of Housing, I’m focused on making sure we create an effective new Department that is capable of addressing our housing needs. My FY2024 Budget request proposes that we build a robust Department of Housing to support the implementation of last year’s historic $250 million investment to create more housing across Rhode Island and it adds $30 million to expand shelter capacity, other housing solutions and stabilization programs to better meet the needs of individuals experiencing homelessness.

We’re making historic progress to quickly lay the foundation needed to bring more housing to our state. In just eight short months, over $147 million has been made available to fund more affordable housing. That translates into apartments and homes that support the healthy growth of our children, the well-being of our seniors, and the sustainability of our communities. Never before in Rhode Island has this much money been awarded to developers in this short a timeframe. We’re meeting the urgency and gravity of this moment. Let’s keep going.

With that said, responsible development takes time, and can be impacted by so many factors like zoning or permitting delays, the current interest rate environment, supply chain issues, inflationary materials pricing, weather conditions, site conditions, or the scale of the project. I’m focused on our state keeping our foot on the gas to drive these projects forward as much as possible given the housing market’s road conditions. I’ll be collaborating with the General Assembly and empowering our municipalities to remove red tape, address zoning hurdles, identify high quality development opportunities, and green light the building of these much-needed homes.

Safe and affordable housing is an important need of every Rhode Islander. As our economy gains strength, our schools improve, and our communities grow, we must ensure that our housing stock keeps pace. We all have a role to play to make that possible and to keep our momentum going.