Federal grant awarded for affordable housing in Rhode Island

PROVIDENCE (AP) — A $6.4 million federal grant has been awarded to finance affordable housing in Rhode Island.

U.S. Sen. Jack Reed, a Rhode Island Democrat, says the Capital Magnet Fund grant was awarded to Rhode Island Housing for the development and preservation of affordable housing.

Reed wrote the law establishing the program in 2008, to support community development financial institutions and nonprofit housing developers.

RIHousing was one of 38 organizations nationwide selected for the latest round of grants, totaling about $143 million.

RIHousing received a $4.7 million grant last year.

Reed says the money helps put more working families in homes they can afford. He says he opposes the Trump administration's efforts to eliminate the fund.

RIHousing estimates the two grants will support 1,800 affordable housing units and create hundreds of jobs.

 

 

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