WARWICK – Applications are now being accepted for the state’s new Housing 2030 Site Acquisition Program, a $15 million initiative aimed at helping nonprofit developers compete in the real estate market, Gov. Daniel J. McKee and the R.I. Secretary of Housing Deborah Goddard on Tuesday.
The program is funded in part through Rhode Island’s $120 million housing bond and will be administered by the Rhode Island Foundation, which will support the effort with a 2-to-1 funding match. State officials said the initiative is designed to give nonprofit housing developers greater access to capital for acquiring property amid rising land costs.
“This early-stage capital is a direct response to one of the major fundraising challenges for nonprofits,” said Rhode Island Foundation CEO and President David Cicilline. “The market doesn’t usually let nonprofits to get the sites because [the site] is gone by the time they get the capital.”
A Simplified Approach to Designing and Implementing Internal Control in the Hospitality Industry
In my previous article, Internal Controls & Audits: Keys to a Resilient Hospitality Business, I…
Learn More
McKee and Goddard were joined by Cicilline and Melina Lodge, executive director of the Housing Network of Rhode Island, at an announcement event held at the Housing Network’s Warwick location.
State officials said the program is part of the administration’s broader Housing 2030 plan to increase housing production statewide.
Veer Mudambi is the special projects editor for the Providence Business News. He can be reached at mudambi@pbn.com.
