Vote Yes on Question 7

Next Month, Rhode Island voters have 7 ballot questions, Question 7 on the ballot is a bond initiative that will provide $25 million for affordable housing, and this week Rich and Steve had a great conversation with Nellie Gorbea, Executive Director of HousingWorks RI to talk about the vital public policy issue of affordable housing. Public investment in affordable housing is an important tool for economic growth and enhances the state’s investments in health care and education.   The 2012 Housing Fact Book, published annually by HousingWorks RI provides analysis on affordability and foreclosure rates, as well as offering a glimpse of the challenges low income families face in Rhode Island as it relates to housing. The Fact book shows that over 90,000 renter households across the state have at least a $10,000 gap between their incomes and what they need to afford the average 2 bedroom rent in the state; the average renter earns about $30,000 per year, while the income needed to support the average 2-bedroom apartment is $46,000. The situation is not much better for homeowners either, a household earning the state’s median income can only afford the median home price in 6 communities in the state. Affordable housing is an essential part of our state’s infrastructure, necessary for growing a stronger economy, so we are urging everyone to vote yes on Question 7, the $25 million Housing Bond will invest in the construction of 600 affordable homes that will provide a long-term benefit for the state of Rhode Island. The housing bond will help stabilize neighborhoods blighted by foreclosed and abandoned properties. Providing long-term affordable housing opportunities for our state’s workforce will help to ensure that Rhode Island remains a competitive place to live and work. The economic impact of the housing bond is not limited to the homebuilding sector. Residents of long-term affordable homes shop at local grocery stores, eat at local restaurants and pay taxes to local governments. This Week’s Real Estate Insight: Voting yes on Question 7 makes sense for everyone. Public investment in affordable homes has provided an incredible boost to Rhode Island's economy. Nearly 60% of the residential construction permitted from 2007 through 2010 was for developments supported by the Building Homes Rhode Island program. The $50 million invested in the last program generated close $800 million in economic activity throughout the state.