Reed Delivers Good News for RI
Senator Jack Reed, as a member of the Senate Banking Committee (and provided oversight of U.S. housing policy), has secured over $10 million “in federal funding from the U.S. Department of Housing and Urban Development (HUD).”
“This federal funding will help revitalize neighborhoods throughout Rhode Island and provide more seniors and working families with access to safe and affordable housing. This federal infusion of $10.4 million can be used for a variety of housing needs, from helping first-time homebuyers with down payments and closing costs to rehabilitating homes in downtown areas,” said Reed, who is also a member of the Appropriations Committee, which provides all federal spending on HUD programs. “Hard working families deserve a shot at the American dream, and that’s why I will keep working to provide Rhode Island with a flexible source of funding for a host of economic development and community enhancement activities.
The funds are provided through four different HUD programs:
- The Community Development Block Grant Program (CDBG) - $5,156,870
- Home Investment Partnership Program (HOME) – $4,920,821
- Emergency Shelter Grant Program (ESG) – $350,005
- American Dream Downpayment Initiative (ADDI) - $39,150
Even with housing costs in Rhode Island falling for the past two years, since the late 1990s housing prices have tripled in various cites in RI. It’s good to see more funds coming into the state to help with affordable housing projects.