Rhode IslandH74912026 Regular SessionHouse

AN ACT AUTHORIZING THE CITY OF PROVIDENCE TO ISSUE NOT TO EXCEED $25,000,000 GENERAL OBLIGATION BONDS AND NOTES TO FUND THE PROVIDENCE HOUSING TRUST FUND TO FINANCE AFFORDABLE MULTI-FAMILY HOUSING PROJECTS IN THE CITY .

Sponsored By: Rebecca M. Kislak (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

More affordable apartments for Providence renters

The law allows Providence to issue up to $25 million in bonds for the Providence Housing Trust Fund. The money finances affordable multi‑family housing projects in the city. The city can also apply for federal or state grants to add to this funding. The bonds can be issued only if voters approve the question on November 3, 2026.

Providence property taxes back housing bonds

These bonds are general obligations backed by all taxable property in Providence. The city must set aside money each year to pay principal and interest. If it does not, the needed amount is added to the annual property tax levy, without limit on rate or amount. This can raise property taxes for owners, and rents may reflect some of these costs. The tax pledge applies only if voters approve the bonds on November 3, 2026.

Tools to issue and manage bonds

Providence can use short‑term notes to bridge cash before bonds or outside aid arrive; all notes must be repaid within five years, and refundings face a 200% cap tied to the authorized bonds. With council approval, the treasurer can advance city funds before borrowing; advances are repaid without interest. The treasurer may invest proceeds in FDIC‑insured deposits or U.S. government obligations and use premiums or earnings to pay project or issuance costs, as allowed by law. The mayor and treasurer can sign documents to meet federal tax and securities rules, and the council may cancel unused authority seven years after the effective date. These tools apply to the housing bonds if voters approve them.

Voters decide housing bonds in 2026

On November 3, 2026, Providence voters decide whether to approve up to $25 million in bonds for affordable housing projects. The city clerk keeps the act available for public inspection until the election. The borrowing authority and the related tax pledge take effect only if voters approve.

Sponsors & Cosponsors

Sponsor

Rebecca M. Kislak
Democratic • House

Cosponsors

Edith H. Ajello
Democratic • House
Anthony J. DeSimone
Democratic • House
Grace Diaz
Democratic • House
Raymond A. Hull
Democratic • House
John J. Lombardi
Democratic • House
Charlene Lima
Democratic • House
Ramon A. Perez
Democratic • House
Enrique Sanchez
Democratic • House
Scott A. Slater
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 70 • No: 0

House vote • 5/14/2026

HOUSING PROJECTS IN PROVIDENCE PASSAGE