Providence Mayor Brett Smiley urged voters Oct. 22 to approve a $25 million city housing bond, arguing that the money would help finance additional affordable apartments.
Question 6 on the Nov. 3 Providence ballot would authorize borrowing for affordable multifamily housing through the Providence Housing Trust Fund. The city says the money would help close financing gaps and move affordable multifamily developments forward.
Smiley appeared with housing officials and advocates at Summer Street Apartments, a Crossroads Rhode Island development with 176 affordable apartments. The city used the development as an example of a project assembled from multiple funding sources.
The administration says Providence has committed more than $58.7 million through the trust fund, supporting more than 1,700 homes with legally enforceable affordability restrictions. Those figures cover the city's existing commitments.
A bond authorizes borrowing that must be repaid with interest. The city's announcement does not specify a repayment estimate or identify a final list of developments that would receive the new money.
Providence voters will see this local question in addition to statewide Question 2, a separate $120 million state bond for housing and community development.
Sources: Mayor Brett Smiley Urges Providence to Support $25 Million Housing Bond.