PROVIDENCE – The R.I. Housing and Mortgage Finance Corp. has been awarded a $5.5 million grant to finance the development, construction and preservation of affordable housing, Sen. Jack Reed, D-R.I., announced Friday.
The competitive grant program overseen by the U.S. Treasury, called the Capital Magnet Fund, requires recipients to leverage $10 of housing and economic investments for every $1 in federal funds.
R.I. Housing was one of 48 organizations nationwide to be selected by the Treasury, which is awarding a total of $175.35 million this week through the program.
This is the third grant R.I. Housing has received from the Capital Magnet Fund, with the first two combining for $11.1 million. R.I. Housing estimated that a total of 2,322 affordable-housing units will be supported, helping to create more than 1,688 jobs by the three grants.
Reed led the effort to create the Capital Magnet Fund in 2008, his office said.
“I created the Capital Magnet Fund to expand access to affordable housing in a way that creates jobs and builds stronger communities. I am thrilled Rhode Island Housing is receiving another major award to keep and put more working families in homes they can afford while also providing more opportunities for work,” said Reed in a statement. “I know this money will be put to work by R.I. Housing and their community partners. And we must continue working together to expand affordable and sustainable housing opportunities.”