Bill > S1011

This bill amends the Rhode Island Housing Resources Act to create a four-year pilot program allowing the secretary of housing to explore alternative underwriting criteria for affordable housing. Specifically, the bill expands the definition of affordable housing by introducing a new pilot program that would allow moderate-income households (defined as those earning between 100% and 120% of area median income) to qualify for housing where mortgage-related expenses constitute up to 38% of gross household income, which is slightly higher than the current 30% threshold. The pilot program will sunset on December 31, 2029, and requires the secretary of housing to provide annual updates on the program's status and outcomes through the integrated housing report. The goal is to create more flexible financing options for moderate-income households seeking to purchase homes, recognizing the challenges of housing affordability. The bill aims to provide additional pathways for housing development by testing new underwriting approaches that could help more families access homeownership.

Housing and Urban Affairs

https://status.rilegislature.gov/