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Rhode IslandH59562025 Regular SessionHouseWALLET

AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND HOUSING RESOURCES ACT OF 1998 .

Sponsored By: June Speakman (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Homebuyer affordability limits depend on financing

For homes offered for sale, this affordability standard covers households below 120% of area median income, adjusted for family size. Housing costs include mortgage principal, interest, property taxes, and insurance. Homes requiring federal funding or grants from HUD, the federal housing agency, have a 30% cap on gross household income. With financing not originating from HUD, the cap is 38% of gross household income. The higher cap lets more homes count as affordable, but allows a larger share of income to cover housing costs.

Sponsors & Cosponsors

Sponsor

  • June Speakman

    Democratic • House

Cosponsors

  • Stephen M. Casey

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 97 • No: 12

Senate vote • 6/20/2025

STATE AFFAIRS/GOV.-- RI HOUSING RESOURCES ACT OF 1998 In Concurrence Passage

Yes: 31 • No: 5

House vote • 6/18/2025

RI HOUSING RESOURCES ACT OF 1998 PASSAGE

Yes: 66 • No: 7

Actions Timeline

  1. Signed by Governor — Chapter 325

    6/30/2025Governor

  2. Transmitted to Governor

    6/25/2025Governor

  3. Senate passed Sub A in concurrence

    6/20/2025Senate

  4. Placed on Senate Calendar (06/20/2025)

    6/18/2025Senate

  5. House passed Sub A

    6/18/2025House

  6. Placed on House Calendar (06/18/2025)

    6/17/2025House

  7. Committee recommends passage of Sub A

    6/17/2025

  8. Proposed Substitute

    6/15/2025

  9. Scheduled for consideration (06/17/2025)

    6/15/2025

  10. Committee recommended measure be held for further study

    4/2/2025

  11. Scheduled for hearing and/or consideration (04/02/2025)

    3/28/2025

  12. Introduced, referred to House Municipal Government & Housing

    2/28/2025House

Bill Text

  • H5956 - As Introduced

    2/28/2025

    HTMLPDF

  • H5956 - Substitute

    2/28/2025

    HTMLPDF

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