2019

Annual Report

We’ll Get You Home.

A note about Covid-19

In reflecting on our 2019 accomplishments and looking toward the future, we recognize that the COVID-19 health crisis has impacted residents across our state and that the effects of the crisis will be felt for some time to come. We know that it will take a sustained commitment to support families, partners and communities who are struggling as a result of the pandemic.

While the COVID-19 pandemic has created numerous challenges, we are confident that we will be able to overcome them with a coordinated effort that includes partners at all levels of government, state agencies, business leaders and the non-profit community.

We’ve been here for almost 50 years, helping Rhode Islanders find, rent, buy, keep and build homes. Our commitment has not wavered and we are focused on being a part of the recovery.

As we move through these difficult times together, know that we are planning for the future. A future that will build upon past successes and include innovative ways to build and preserve housing and provide stable and secure homes for Rhode Islanders.

A note about Covid-19

In reflecting on our 2019 accomplishments and looking toward the future, we recognize that the COVID-19 health crisis has impacted residents across our state and that the effects of the crisis will be felt for some time to come. We know that it will take a sustained commitment to support families, partners and communities who are struggling as a result of the pandemic.

While the COVID-19 pandemic has created numerous challenges, we are confident that we will be able to overcome them with a coordinated effort that includes partners at all levels of government, state agencies, business leaders and the non-profit community.

We’ve been here for almost 50 years, helping Rhode Islanders find, rent, buy, keep and build homes. Our commitment has not wavered and we are focused on being a part of the recovery.

As we move through these difficult times together, know that we are planning for the future. A future that will build upon past successes and include innovative ways to build and preserve housing and provide stable and secure homes for Rhode Islanders.

Letter from the Executive Director & Chair

2019 was a year of challenging ourselves to meet the changing needs of Rhode Islanders.

We rolled out a number of new, innovative programs to support the creation of workforce housing and the development of highly energy-efficient homes, expanded opportunities for homebuyers to help them become homeowners, and launched a new partnership and engagement effort with Rhode Island landlords to help renters find safe and affordable apartments.

We didn’t do this alone.

Our 2019 achievements were a direct result of collaborative efforts with strong partners and state leadership to develop and implement programs that reflected current and emerging housing needs in our state. These partnerships allowed us to work strategically to maximize available resources to ensure Rhode Islanders have an adequate supply of housing opportunities to meet their needs. We were supported by Governor Raimondo’s bold vision for Rhode Island’s future, one that includes housing as a top priority. We were able to capitalize on her efforts to create a stable and thriving economic landscape in the state while focusing on one of the most pressing needs Rhode Island faces: the need for housing that Rhode Islanders can afford.

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Our 2019 achievements were a direct result of collaborative efforts with strong partners and state leadership to develop and implement programs that reflected current and emerging housing needs in our state. These partnerships allowed us to work strategically to maximize available resources to ensure Rhode Islanders have an adequate supply of housing opportunities to meet their needs. We were supported by Governor Raimondo’s bold vision for Rhode Island’s future, one that includes housing as a top priority. We were able to capitalize on her efforts to create a stable and thriving economic landscape in the state while focusing on one of the most pressing needs Rhode Island faces: the need for housing that Rhode Islanders can afford.

We’re proud of these successes but know there is more to do.

As we look to the future, we’re confident that RIHousing is poised to build on those efforts and continue doing what we do best – opening the doors to homeownership, keeping people in safe and healthy homes, and building livable and sustainable communities across our state.

We’ll continue working closely with state and national leadership, for and non-profit business partners, and community leaders to ensure our programs have the greatest impact possible.

We’re proud of our accomplishments and eager to continue our work making the kinds of investments that move Rhode Island forward. We’re excited to build more homes and help more families make Rhode Island their home.

We’re proud of these successes but know there is more to do.

As we look to the future, we’re confident that RIHousing is poised to build on those efforts and continue doing what we do best – opening the doors to homeownership, keeping people in safe and healthy homes, and building livable and sustainable communities across our state.

We’ll continue working closely with state and national leadership, for and non-profit business partners, and community leaders to ensure our programs have the greatest impact possible.

We’re proud of our accomplishments and eager to continue our work making the kinds of investments that move Rhode Island forward. We’re excited to build more homes and help more families make Rhode Island their home.

 

Nic Restinas

Nicolas P. Retsinas
Chairman of the Board of Commissioners

Carol Ventura

Carol Ventura
Executive Director

2019 Outcomes

RIHousing is fortunate to operate as part of a vital network of organizations working to expand housing options and opportunities for Rhode Islanders. RIHousing’s success is only possible through the support of our many partners. We couldn’t do the work we do without partners at the federal, state and local level.

Our 2019 annual report showcases some of the many achievements made through the support of a wide range of partners. These successes rely heavily on the utilization of every available funding resource and partnership at our disposal.

In 2019,

RIHousing invested $708M into Rhode Island’s economy.

$382M

in mortgages and assistance to homebuyers 

$145M

in financing to construct or rehabilitate
1,149 apartments

$192M

in rental assistance to 17,200 households

1,806 Total Jobs Supported

 

845 from mortgage lending activity, 961 from construction financing

$375M In Mortgages Provided

 

1,726 Homebuyers in 38 cities and towns

425 Homeowners at Risk of Foreclosure

 

326 HelpCenter Assistance and 99 HHFRI Assistance

17,200 Renters Helped

Administered $192M in Funding from the U.S. Dept. of Housing and Urban Development

$17 Million on housing choice voucher program and $175 million on Project Based Rental Assistance

$145M Awarded in Financing

 

1,149 apartments developed or preserved, 961 jobs created and supported

BUY A HOME

A tight inventory of available homes, high rental costs and student loan debt can prove challenging for many prospective homebuyers. We know the challenges and opportunities that buyers face, and we tailor our programs to reflect market conditions and homebuyer demographics.

In 2019, we helped 1,726 homebuyers put down roots in Rhode Island, the majority of which were millennials (age 23-38 at time of purchase). We didn’t open the doors to homeownership alone, we had the help of more than 35 Participating Lenders, thousands of realtors, closing attorneys, property appraisers and industry partners.

READ MORE >

KEEP A HOME

Closing on a loan and getting the keys ends the journey of buying a home, but for a new owner, the journey has just begun. We’re proud to offer a range of programs that help Rhode Island homeowners remain in their homes and ensure their homes meet their changing needs.

Our partnerships with federal, state and municipal agencies expand our reach so we can help Rhode Island homeowners improve their homes and quality of life.

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RENT A HOME

Rhode Island renters also feel the squeeze of a tight housing market. Rhode Island’s low rental vacancy rates and high housing costs mean renters are often priced out of the market or paying more than they can comfortably afford for their rental housing costs. Almost half of Rhode Island renters are considered “cost-burdened,” meaning they pay more than 30% of their gross annual income on housing costs.

Our partnerships with the U.S. Department of Housing and Urban Development, local Public Housing Authorities, landlords and property managers allow us to provide rental assistance funding and programs to tens of thousands of Rhode Islanders each year.

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BUILD A HOME

The majority of rental housing that is produced in Rhode Island is skewed toward higher priced units, with 50% of rental units priced above $1,600 per month. This price point is just too high when compared to Rhode Islanders’ wages. That’s why RIHousing works closely with the for and non-profit developer community to provide a variety of financing options to build or preserve rental homes that Rhode Islanders can afford.

In 2019, RIHousing awarded $145 million in funding for housing development and preservation, which will support 961 jobs and help families access quality, affordable homes throughout the state. Funded developments represent a diverse range of properties located in rural, suburban and urban communities across the state. When constructed, these developments will provide affordable apartments to families, seniors and those with special needs.

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ECONOMIC IMPACT

Construction financing and mortgage lending are major factors in creating jobs and growing Rhode Island’s economy. The economic spinoff from housing construction, property management, home purchases and home improvement ripples across the State. These financial investments stimulate business and household spending, supporting jobs in various industries, as well as local services and goods.

RIHousing’s 2019 investments sent $708M into the local economy:

$10.4M

in state and local public revenue

$62.3M

in income for business owners and workers

CELEBRATING
OUR PARTNERS’ SUCCESS

Congratulations to our housing partners on breaking ground and celebrating the completion of 149 new and preserved affordable homes in Rhode Island! In 2019, we were privileged to support their efforts as well as join them to celebrate!

Groundbreakings

Sheridan Small Homes

Developer: ONE Neighborhood Builders

Monday,
October 28, 2019

Olneyville/
Providence

Elizabeth Buffum Chace Center

Developer: Elizabeth Buffum Chace Center

June 24, 2019

Warwick

CELEBRATING
OUR PARTNERS’ SUCCESS

Congratulations to our housing partners on breaking ground and celebrating the completion of 149 new and preserved affordable homes in Rhode Island! In 2019, we were privileged to support their efforts as well as join them to celebrate!

Ribbon Cuttings

Fernwood II

Developer: Neighborworks Blackstone River Valley

Tuesday
June 4, 2019

Pascoag/
Burrillville

Shannock Falls

Maplewoods

Developer: SWAP, Inc.

Monday,
May 20, 2019

Providence

Palmer Pointe

Developer: East Bay Community Development Corporation (EBCDC)

Friday,
September 6, 2019

Barrington

Our annual report is an excellent way for us to shine a light on our many partners who were recognized in 2019 for their hard work. We’re proud to support these innovative and creative partners and their developments!

Fan Favorite Award
Kendrick-Prentice-Tirocchi House (aka Wedding Cake House)
Partners: Dirt Palace, Jon Chambers Architects, Wedding Cake House Advisory Council

GrowSmart RI
Outstanding Smart Growth Project Award
Fernwood & Greenridge Commons, Pascoag Village, Burrillville
Partner: Neighborworks Blackstone River Valley

Outstanding Smart Growth Project Award
60 King Street, Olneyville, Providence
Partner: Trinity Financial, ONE Neighborhood Builders, SWAP, Inc.

RI American Planning Association (APA-RI)
Paul Davidoff Award
Georgiaville Village Green, Smithfield
Partners: Coventry Housing Associates and Gemini Housing Corporation

The Rhode Island Coalition for the Homeless
Homeless Impact Award
Crossroads RI, Providence Housing Authority, and RIHousing for their collaborative effort to develop and implement the Mainstream Voucher Family Housing Challenge.

Our annual report is an excellent way for us to shine a light on our many partners who were recognized in 2019 for their hard work. We’re proud to support these innovative and creative partners and their developments!

See Awards

Providence Preservation Society
60 King Street, Olneyville, Providence
Partner: Trinity Financial, ONE Neighborhood Builders, SWAP, Inc.

Fan Favorite Award
Kendrick-Prentice-Tirocchi House (aka Wedding Cake House)
Partners: Dirt Palace, Jon Chambers Architects, Wedding Cake House Advisory Council

____________________________________

GrowSmart RI
Outstanding Smart Growth Project Award
Fernwood & Greenridge Commons, Pascoag Village, Burrillville
Partner: Neighborworks Blackstone River Valley

Outstanding Smart Growth Project Award
60 King Street, Olneyville, Providence
Partner: Trinity Financial, ONE Neighborhood Builders, SWAP, Inc.

____________________________________

RI American Planning Association (APA-RI)
Paul Davidoff Award
Georgiaville Village Green, Smithfield
Partners: Coventry Housing Associates and Gemini Housing Corporation

____________________________________

The Rhode Island Coalition for the Homeless
Homeless Impact Award
Crossroads RI, Providence Housing Authority, and RIHousing for their collaborative effort to develop and implement the Mainstream Voucher Family Housing Challenge.

 

We’re also proud to have been honored by local and national organizations for our efforts to support our employees and partners.

Click to learn more

 

Outstanding Award for the 2019 Annual Worksite Health Awards

Rental Housing: Multifamily Management
Low Income Housing Tax Credit Compliance Manual

2019 Best Places to Work
Large Companies (150-499 employees)

Greater Providence Chamber of Commerce and Blue Cross & Blue Shield of RI
Outstanding Award for the 2019 Annual Worksite Health Awards

Providence Business News
2019 Best Places to Work
Large Companies (150-499 employees)

ABOVE AND BEYOND

We’re proud of our dedicated staff who go above and beyond every day to help us fulfill our mission while also committing themselves to some really great causes.

In 2019, staff donated:

and gave of their time as well:

and raised over $2,500 in Jeans Days contributions for the Rhode Island Blood Center, Special Olympics Rhode Island, Make-a-Wish and the Gloria Gemma Breast Cancer Foundation.

ABOVE AND BEYOND

We’re proud of our dedicated staff who go above and beyond every day to help us fulfill our mission while also committing themselves to some really great causes.

READ MORE

In 2019, staff donated:

and gave of their time as well:

and raised over $2,500 in Jeans Days contributions for the Rhode Island Blood Center, Special Olympics Rhode Island, Make-a-Wish and the Gloria Gemma Breast Cancer Foundation.

We invite all readers to view our official financial disclosures on our website.

Looking Forward

RIHousing is fortunate to have many great community and industry partners that share our deep commitment to tackling the housing issues we face. We’re excited to take RIHousing into a new decade working with these partners and the great team we have at RIHousing to explore a number of new opportunities for achieving our mission.

In the months ahead, we will be launching a number of exciting efforts, including:

Outreach for contractors to assist in making homes lead safe in Rhode Island and a focus on deploying resources from our recent award of $8.4 million in lead and healthy homes funding for homes in Pawtucket and Central Falls.

This funding, in addition to our existing LeadSafe Homes funds which are available statewide, will help current and future homeowners, tenants, and landlords make their homes safe and healthy. We’re excited to work together with state and local partners to help protect families currently living in unsafe conditions while also preventing the next generation of childhood lead poisoning. We’re thankful to Senator Reed in particular for his leadership on this important issue.

 

Supporting the creation of Zero Net Energy housing for Rhode Islanders.

This multi-agency investment will create replicable models for sustainability across our state. RIHousing is committed to developing housing that Rhode Islanders can afford. The energy efficient features in these homes will result in reduced energy costs for residents, thereby increasing their disposable income to meet other expenses.

 

Awarding funding from our Workforce Housing Pilot program to expand the range of housing options available in Rhode Island.

The interest in and need for these types of homes is strong, as illustrated by the over $12 million in requests for $7 million in available funding.

 

Engaging a developer to begin the process of redeveloping and transforming the Barbara Jordan II development in South Providence.

Building upon a comprehensive community engagement effort with key stakeholders, municipal officials and residents to understand community needs, the selected developer will begin the process of redevelopment to create more than 70 new rental homes.

ABOUT RIHOUSING

When people ask us what we do, our simplest response is: we help people buy, keep, rent and build homes. While the work can be quite complicated and complex, in essence, our mission is to provide a range of housing options that Rhode Islanders can afford.

Headshot of Nicolas Retsinas

Nicolas P. Retsinas, Chairman
Director Emeritus,
Joint Center for Housing Harvard University

Board of Commissioners

We are thankful for the service of our board members:

Maria F. Barry, National Community Development Banking Executive, Bank of America Merrill Lynch

Seth Magaziner, General Treasurer State of Rhode Island (ex officio)

Stephen P. McAllister, Manager, Eastern Region U.S. Chamber of Commerce

Kevin Orth, Managing Partner, Atlantic American Partner

Brett Smiley, Director, Rhode Island Department of Administration (ex officio)

Liz Tanner, Director, Rhode Island Department of Business Regulation (ex officio) 

Visit our website to learn more about RIHousing!

2019 RIHousing Annual Report    

We’ll Get You Home.