Governor McKee Launches First Wave of Housing Bond Programs
Published on Tuesday, October 21, 2025
PROVIDENCE, RI – Governor Dan McKee and Secretary of Housing Deborah Goddard today announced the launch of the first wave of programs supported by Rhode Island’s historic $120 million housing bond approved by voters.
“Rhode Island isn’t just talking about the housing crisis; we're building our way out of it,” said Governor McKee. “The programs we are opening today, and those to follow, will expand opportunities for homeownership, build and preserve affordable housing, and give communities the resources they need to help us reach our Housing 2030 goals.”
First Wave: $81 Million
Applications are now open [zk8ngbyab.cc.rs6.net] for the following housing bond programs:
- Housing 2030 Infrastructure Program – Provides up to $8 million for municipalities and developers to offset the cost of essential infrastructure (such as water, sewer, septic systems, and roads) that make new housing development possible. Municipalities and developers are encouraged to apply.
- Housing 2030 Municipal Planning Program – Provides up to $1 million to assist municipalities with architectural and engineering work to advance strategic housing development projects aligned with Housing 2030 goals. Municipalities are encouraged to apply.
On Thursday, the McKee Administration will open its One-Stop Application process through RIHousing, making available an additional $66 million in housing bond funds alongside other state and federal housing resources.
The One-Stop Application will include the following funding from the housing bond:
- Housing 2030 Permanent Supportive Housing Program – up to $12 million to support a new set-aside for the development of small-scale permanent supportive housing with wraparound services for households needing additional support to maintain stable housing.
- Housing 2030 Small Scale Program – up to $12 million to support a new set-aside for the development of new affordable rental housing between 5 and 30 units in rural, smaller, and infill communities where traditional financing is limited.
- Housing 2030 Affordable Rental Housing New Development Program – up to $27 million to extend a flexible funding program focused on supporting the production of new affordable rental developments.
- Housing 2030 Preservation Program – up to $10 million ($5 million from the 2024 bond from the Executive Office of Housing, which is matched by $5 million in non-bond funding from RIHousing Affordable Trust) to preserve and rehabilitate existing affordable housing nearing the end of its affordability period.
- Housing 2030 Acquisition and Revitalization Program – $10 million to redevelop foreclosed, blighted, or vacant properties, helping to stabilize neighborhoods and strengthen local economies.
On November 15, applications will open for the new Housing 2030 Statewide Home Repair Program, administered by the Providence Revolving Fund and supported with up to $6 million in bond funding. The program provides assistance to low- and moderate-income homeowners, as well as landlords who commit to renting to tenants with incomes at or below 80% of the Area Median Income (AMI). Interested applicants can learn more at www.revolvingfund.org.
Second Wave: $39 Million
An additional $39 million in bond-supported programs will launch in the coming months, including:
- Up to $20 million to support homeownership initiatives
- Up to $10 million for public development
- Up to $4 million for a pipeline expeditor fund to accelerate project timelines
- $5 million for site acquisition
- Today, the Rhode Island Executive Office of Housing is releasing a Request for Proposals (RFP) seeking a qualified partner to administer the Site Acquisition Fund, a new revolving loan program that will help nonprofit developers acquire properties for affordable and supportive housing across Rhode Island. The selected administrator will oversee the fund, underwrite loans, and leverage at least a one-to-one match in philanthropic or other financing sources to maximize impact.
The full RFP is available on the State of Rhode Island Division of Purchases website, and proposals must be submitted by November 19, 2025.
What They’re Saying:
“Rhode Island is in the midst of a housing and homelessness crisis, and the best remedy is to increase housing production,” said Speaker of the House K. Joseph Shekarchi (D-Dist. 23, Warwick). “In recent years, the General Assembly has taken bold steps to address our housing shortage, enacting nearly 60 new laws to streamline development, cut red tape, and spur development. This bond – which my General Assembly colleagues and I are proud to have strongly supported – is the critical next step to putting those laws into action, accelerating construction, and delivering real results for Rhode Island families.”
Senate President Valarie J. Lawson (D-Dist. 14, East Providence) said, “Across Rhode Island, the lack of available and affordable housing is disrupting people’s lives, holding back our economy, and endangering our state’s future. To address this crisis, we must continue to embrace innovative, collaborative solutions. I am grateful to everyone who supported the housing bond in 2024, and to see the initial allocation of funding for critical affordable housing programs through that historic investment.”
“Through conversations with developers and municipalities, we heard clearly that infrastructure challenges remain one of the biggest barriers to housing production,” said Secretary Deborah Goddard. “In response, we doubled the original $4 million allocation for the infrastructure program to address these needs and ensure projects can move forward. Collaboration and flexibility are essential, and we’ll continue to make adjustments like this to advance Rhode Island’s housing goals.”
“Housing is the foundation for stronger communities, a healthier economy, and the overall well-being of our state,” continued Goddard. “These investments address the full spectrum of housing needs—from building new homes to preserving existing units—and we look forward to working with municipalities, developers, and community partners to deliver results that benefit Rhode Islanders for generations.”
“State investments are crucial as we continue to face a challenging housing market,” said Carol Ventura, CEO & Executive Director of RIHousing. “With the funds from the housing bond that Rhode Islanders overwhelmingly approved, paired with dollars from the state’s 2030 plan and RIHousing’s upcoming Consolidated Funding round, we are leveraging a variety of programs to encourage and support housing activities in every Rhode Island community.”
“Cities and towns across Rhode Island are making significant progress in approving and expanding new housing in their communities,” said Randy Rossi, Executive Director of the Rhode Island League of Cities and Towns. “Yet with limited staff capacity and infrastructure that has often exceeded its original design, local governments can’t make these projects work without help. This funding represents a critical partnership to ensure housing growth is both achievable and sustainable.”
“Having implemented the initial SFRF-funded home repair program, the Providence Revolving Fund demonstrated the clear demand for expanded housing support across Rhode Island,” said Carrie Zaslow, Executive Director of the Providence Revolving Fund. “Despite the program's limited scope, our work on the ground revealed the significant unmet needs of Rhode Island homeowners and renters. We’re thrilled that the state has decided to use bond funding to expand this effort statewide, bringing much-needed resources to more communities, and we are proud to be at the forefront of ensuring its success.”