News

LISC Rhode Island Awards $825,000 For Affordable Housing

PROVIDENCE, RI, July 17, 2023 – Local Initiatives Support Corporation (LISC) Rhode Island today announced more than $825,000 in grant awards to eight Community Development Corporations in the State to support their organizations in their mission to create and preserve affordable housing in Rhode Island.  

The awards are part of LISC’s Neighborhood Development Fund, an annual grant program that provides funding for operational expenses, capacity building, and provides robust technical assistance for CDC partners throughout the year. Since its inception in 1995, LISC’s Neighborhood Development Fund has awarded more than $14.1 million to community development corporations in Rhode Island. The program’s primary focus is to increase the ability of the state’s CDCs to produce affordable housing while addressing broader community revitalization issues.  

“It’s clear that Rhode Island is deeply into a serious housing crisis,” said Jeanne Cola, Executive Director of LISC Rhode Island. “The rental market is very tight in many communities and the median house price has increased to the highest rate in 12 years. There is a critical shortage for housing for seniors and families, especially those earning below $75,000 a year.” 

The eight CDCs receiving funding this year include: Church Community Housing Corporation; NeighborWorks Blackstone River Valley; Pawtucket Central Falls Development Corporation; ONE Neighborhood Builders; Stop Wasting Abandoned Properti

“The NDF provides vital operating support to help build the capacity of our partners. Without it, CDCs in Rhode Island wouldn’t be able to do what they do,” says Cola. “This year, that support is even more critical as construction budgets expand and ARPA and Bond funding rolls out. Having the staff to deploy these programs, line up the projects, and navigate the complexities of affordable housing development is crucial so that meaningful progress can happen.” 

The State has committed $250 million to creating and renovating affordable housing.  This additional budget, allocated from American Rescue Plan Act (ARPA) funding, will augment $65M in bond funds already approved by Rhode Island voters in the March 2021 special election.   

“The additional funding for housing is an important step in addressing the housing crisis,” said Cola, “but it’s just the first step. We must maintain ongoing support to make a difference in this crisis.” 

In order to award these grant funds, LISC Rhode Island must raise local support to leverage federal funding to create the Neighborhood Development Fund. LISC leverages local philanthropic support from The Rhode Island Foundation, Santander Bank, Rhode Island Housing, and others to provide the match requirement for federal funding from LISC’s HUD Section 4 allocation.  Each year, LISC National is awarded funding from HUD to support local capacity building for CDCs. 

In addition to funding operational costs, the NDF provides resources for professional development training, operational resources for computer and systems upgrades, and technical assistance to help CDCs strengthen internal operations.  

“The Professional Development aspect of the program fills an important need for the successful operations of Rhode Island CDCs,” said Cola. “The work performed by our partners is critical to the economic growth and sustainability of our communities, and this is one way we work with them to ensure they have the necessary skills to excel.” 

Grantees also will have access to professional learning opportunities as well as tuition sponsorship for industry trainings such as those provided by the National Development Corporation, a national non-profit dedicated to the support and preservation of affordable housing. These training program work to build the capacity of executive directors, program managers and other CDC staff. 

About LISC Rhode Island —Together with residents, partners, and local leaders, LISC Rhode Island forges resilient and inclusive communities of opportunity across our state – great places to live, work, visit, do business, and raise families. Our strategies – investing in real estate, increasing family income & wealth, stimulating economic development, improving access to quality education, and supporting healthy environments and lifestyles – work together to improve the health and well-being of our neighbors. LISC has invested $529 million in neighborhoods across our state, helping to create more than 10,140 affordable homes and support the development of more than 2.2 million square feet of commercial, child care, educational, and community space.  We are committed to building strong neighborhoods and healthy communities where individuals, businesses and families can thrive. 

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