01/13/2009 14:00 EST
01/08/2009 11:15 EST
12/22/2008 17:00 EST
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On Wednesday, January 7th, Governor Donald L. Carcieri submitted a Supplemental Budget for FY 2009 to the General Assembly for their consideration and approval. This budget erases a $350 million deficit that has been projected for this fiscal year without raising broad-based taxes or laying off state personnel.
Click here to read a text version of the Governor's Address
Click here to see the Supplemental Budget and supporting and explanatory documents
otherwise go to http://www.budget.ri.gov/Current%20Supplemental%20Appropriations%20Act.php
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$19.6 million to buy and rehab foreclosed and abandoned properties and provide down payment assistance for first-time homebuyers
Governor Donald L. Carcieri joined US Senator Jack Reed at a press conference today to announce the details for the State’s Neighborhood Stabilization Program. Administered through a partnership between the Rhode Island Office of Housing and Community Development and Rhode Island Housing, the Neighborhood Stabilization Program provides $19.6 million to acquire and redevelop foreclosed and abandoned properties, down payments for first-time homebuyers, and funding for demolition of blighted properties. The $19.6 million funding is provided under the federal Housing and Economic Recovery Act of 2008.
“The foreclosure crisis has impacted many communities in Rhode Island,” said Governor Donald L. Carcieri. “We felt it earlier and harder than the rest of the nation. This funding will put money to work in communities with the highest need to stabilize the neighborhoods, provide quality, affordable housing for Rhode Islanders, and support construction jobs.” “This summer when we finally overcame opposition to reform our nation’s housing finance system, I fought hard to include federal funds to cope with the foreclosure crisis. This $19.6 million in federal funds will help the state and local communities acquire and redevelop foreclosed properties,” said Reed, who authored several key provisions of the Housing and Economic Recovery Act of 2008. “Vacant, foreclosed homes can invite crime and drag down neighboring property values. This is a smart investment in strengthening our communities, putting more people to work in construction jobs, and bolstering the local economy. Today’s announcement is the first step, but in the weeks ahead, there needs to be more support for these kinds of initiatives from Washington."
“The Neighborhood Stabilization Program will revitalize neighborhoods threatened by blight, create jobs, and provide safe, healthy homes,” said Noreen Shawcross, Executive Director of the Rhode Island Office of Housing and Community Development.
