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Rhode IslandH53102025 Regular SessionHouseWALLET

AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND HOUSING AND CONSERVATION TRUST FUND ACT .

Sponsored By: June Speakman (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 0 costs, 2 mixed.

Broader housing access, changed affordability protections

Trust-funded housing now uses Rhode Island’s low- and moderate-income rules, replacing the former 60% of area median family income limit. Owners must keep at least 50% of all development units affordable to eligible tenants through long-term deed restrictions. Funded housing must stay affordable for at least 99 years. The deed-restriction rule replaces the former requirement to keep housing affordable forever. The board also weighs applicants’ long-term commitments and efforts to prevent the loss of subsidized housing.

More farm and garden land qualifies

The trust fund recognizes more types of actively used agricultural and horticultural land. Eligible uses include commercial farms, community gardens, forestry, composting, stabling horses, and aquaculture. Projects can seek support to keep qualifying land in agricultural use.

More companies can seek housing funds

Companies licensed to do business in Rhode Island can apply for trust fund grants or loans. Their projects must create or preserve housing serving, or intended to serve, low- and moderate-income households. Eligibility to apply does not guarantee funding.

Larger housing and conservation funding shares

Yearly housing and conservation shares each rise from 25% to 35%, while the flexible share falls from 50% to 30%. Projects combining both goals get top priority for that flexible share. The Infrastructure Bank distributes the money from a separate account administered by the Housing and Conservation Board. Unspent money and earnings stay in the account for housing and conservation purposes, rather than returning to the general fund. The board can accept federal money, loans, private grants, donations, and other listed contributions.

Sponsors & Cosponsors

Sponsor

  • June Speakman

    Democratic • House

Cosponsors

  • Jennifer Boylan

    Democratic • House

  • Lauren H. Carson

    Democratic • House

  • Terri Cortvriend

    Democratic • House

  • Megan L. Cotter

    Democratic • House

  • Susan R. Donovan

    Democratic • House

  • Joshua J. Giraldo

    Democratic • House

  • David Morales

    Democratic • House

  • Tina L. Spears

    Democratic • House

  • Teresa A. Tanzi

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 95 • No: 10

Senate vote • 6/12/2025

STATE AFFAIRS/GOVERNMENT--RI HOUSING CONSERVATION TRUST FUND In Concurrence Passage

Yes: 36 • No: 0

House vote • 6/3/2025

RHODE ISLAND TRUST FUND ACT PASSAGE

Yes: 59 • No: 10

Actions Timeline

  1. Signed by Governor — Chapter 071

    6/17/2025Governor

  2. Transmitted to Governor

    6/13/2025Governor

  3. Senate passed in concurrence

    6/12/2025Senate

  4. Placed on Senate Calendar (06/12/2025)

    6/6/2025Senate

  5. House read and passed

    6/3/2025House

  6. Placed on House Calendar (06/03/2025)

    5/30/2025House

  7. Committee recommends passage

    5/20/2025

  8. Scheduled for consideration (05/20/2025)

    5/16/2025

  9. Committee recommended measure be held for further study

    3/11/2025

  10. Scheduled for hearing and/or consideration (03/11/2025)

    3/7/2025

  11. Introduced, referred to House Municipal Government & Housing

    2/5/2025House

Bill Text

  • H5310 - As Introduced

    2/5/2025

    HTMLPDF

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