Study: Building Homes R.I.program generates $600M over last three years

PROVIDENCE – A recent economic analysis conducted by HousingWorksRI has determined that the $37.5 million in funds distributed through the Building Homes Rhode Island (BHRI) program has generated roughly $600 million in total economic activity in the past three years.
BHRI, which is overseen by the Housing Resource Commission, was established when voters approved a four year, $50 million housing bond in 2006. The program has awarded $12.5 million in annual funding since, totaling $37.5 million as of the fiscal year ended June 30.
The three-year status report released by HousingWorksRI, a coalition of housing organizations, estimates that 80 percent of the funds have helped eligible families and individuals afford to rent homes in Rhode Island, while the remaining 20 percent aided working families in buying their own homes.
The coalition also found that the BHRI program has leveraged more than $340 million from federal and private sources, and has generated $224 million in wages since July 1, 2007.
Additionally, the BHRI has supported construction activity in the Ocean State, representing 48 percent of the total estimated cost of residential construction permitted from 2007 to 2009, according to HousingWorksRI’s economic analysis.
Additional information is available at www.housingworksri.org.