Question 2Bond (state borrowing)
Affordable housing bonds
Explain it like I'm 5
The state would borrow money to help build and repair homes that families can afford. It is like helping pay for more apartments and houses when there are not enough affordable places to live.
Yes vote
Rhode Island may issue up to $120 million in bonds for affordable housing, homeownership, property acquisition, and related community development.
No vote
Rhode Island may not issue these bonds for the proposed housing work.
The question to ask yourself
Will this borrowing produce enough affordable housing to justify its cost and timing?
The case for
- More public help could increase the supply of affordable homes.
- At least $25 million is reserved for homeownership opportunities.
- The money can support construction, redevelopment, and property acquisition.
Backed by: Yes on 2 campaign, Housing Network RI
The case against
- Borrowing adds debt without guaranteeing fast results.
- High construction costs and local rules can limit how many homes are produced.
- Public funding alone cannot solve the broader housing shortage.
Opposed by: House Minority Leader Michael Chippendale
- Money
- The official guide estimates $120 million in principal plus $72,591,000 in interest, for $192,591,000 over the bonds' life.
- Don't be misled
- It is misleading to say the bond will quickly lower everyone's rent, because projects take time and the measure does not control all rents.