Rhode Island Housing lauded for program innovation
Housing agency recognized for its role in preserving state’s scarce inventory of affordable apartments
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
Providence, RI (November 3, 2014) – Rhode Island Housing, the state’s principal housing agency, has been selected as recipient of a national award for program innovation by the National Council of State Housing Agencies (NCSHA). The award for ‘Rental Housing Preservation and Rehabilitation’ honors Rhode Island Housing’s Capital Improvement Loan Program, which funds capital improvement work at aging rental housing developments faced with needed repairs and costly updates.
The competitors for the national awards, which are given out annually at NCSHA’s national conference, were each of the 50 states’ Housing Finance Agencies plus four territories and districts. Now in its 30th year, the NCSHA Annual Awards for Program Excellence was created to identify and elevate industry best practices as well as encourage continued Housing Finance Agency (HFA) innovation. NCSHA received over 145 award nominations for this year’s awards.
“To win such a prestigious national award is an incredible honor, especially as it comes from our peers who understand more than others the unique challenges we face. Preservation of Rhode Island’s thousands of existing affordable homes is a major focus of Rhode Island Housing even as we work to create new affordable housing opportunities,” said Richard Godfrey, Executive Director of Rhode Island Housing. “Residents, property owners and communities in which these developments are located all benefit from this effort. Homes are repaired and upgraded, owners have the financial resources they need and communities benefit from preserving this housing to keep the owners and residents invested in the neighborhood.”
Aging developments can be found throughout Rhode Island as in much of the country. Faced with needed repairs and costly updates, owners of existing affordable housing lack the capital they need to ensure these homes remain safe and healthy for residents. The program provides deferred loans to conduct code-related repairs to meet health and safety standards, make necessary capital improvements and address physical deterioration to existing rental developments. Many of these developments are owned by nonprofit community development organizations and the rents are maintained at or below the 50% tax credit rent level ensuring affordability but minimizing cash flow.
“We are proud to be able to provide this critical funding to so many of our partners throughout the state. These awards cannot only be measured in dollars. The improvements that come from this funding will improve the safety and well-being for hundreds of individuals and families and help our partners fulfill the critical needs they provide,” said Carol Ventura, Deputy Director, Rhode Island Housing.
The most recent round of awards under this program assisted 9 developments owned by nonprofit developers with capital improvements to 249 apartments for families and special needs households. The funding went to a variety of uses, including structural repairs, fire and alarm upgrades, boiler and heating system repairs and replacements, roof repairs, lead paint violation and apartment upgrades.
“Rhode Island Housing has historically funded nonprofit and community based organizations because it’s an effective way to revitalize neighborhoods. Ensuring that these developments remain viable helps to strengthen and maintain the partnerships we have had with these developers for decades,” said Godfrey. “In addition, rehabilitating housing within neighborhoods where we have significant investment further strengthens the previous revitalization strategies developed by our partners that include cities and towns, nonprofit service providers and other stakeholders.”
Additional information on this year’s NCSHA annual award winners can be found online at www.ncsha.org.
About Rhode Island Housing
Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.
###
