Yes On 3 is a broad-based coalition of individuals, organizations, and community leaders in support of Question 3, the housing and community opportunity bond that will be on Rhode Island’s general election ballot this November.
A ‘yes’ vote on Question 3 will approve new bonds to finance the planning, development, and construction of affordable homes for all Rhode Islanders.
What is a bond?
A bond is a common, low-risk tool used to invest in critical industries and infrastructures that are key economic drivers for Rhode Island. Voters in many states frequently approve bond questions for social needs and infrastructure improvements that do not receive traditional budgetary financing.
What does Approval of Question 3 do?
Approving this critically important ballot question would provide for a $120 million bond to increase housing availability and supply, revitalize and promote homeownership. The bond also includes funding for housing related infrastructure, property acquisition and planning funds for municipalities.
How Will the Money Be Spent?
The $120 million in bond funds are meant to be allocated to increase the availability of affordable housing statewide. The breakdown of the funds is as follows:
$80 million
Affordable Housing
$20 million
Home Ownership
$10 million
Acquisition and Revitalization
$5 million
Site Acquisition
$4 million
Housing Related Infrastructure
$1 million
Municipal Planning
Who Does the Bond Benefit?
Bond funds will be used to ensure Rhode Islanders who are seeking affordable housing can find it. Specifically, it will enable low-income workers to afford a safe and permanent place to call home. It will help give Rhode Island’s homeless families the opportunity for a better quality of life. It will provide communities with the tools and resources to develop affordable housing for its residents.
