Rhode Island voters will decide Nov. 3 whether the state may borrow $120 million for housing and homeownership projects, with an estimated total repayment cost of $192.6 million.
Question 2 would authorize spending on new construction, renovation, property acquisition and infrastructure intended to increase or preserve affordable and accessible housing, according to the Department of State's voter handbook.
At least $25 million would go toward increasing production of homes intended for ownership. Up to $10 million could support a public-housing development program.
The handbook estimates $72.586 million in interest above the $120 million principal, assuming level payments over 20 years at a 5% interest rate. Actual costs depend on borrowing terms.
Housing production and redevelopment are expected to begin by 2028, with completion estimated between 2029 and 2032.
An approve vote permits the borrowing, while a reject vote opposes it. Providence voters will also see a separate local housing bond, Question 6, asking permission for the city to borrow $25 million.
Sources: Rhode Island 2026 Voter Information Handbook, Question 2; Mayor Brett Smiley Urges Providence to Support $25 Million Housing Bond.