Nonprofits Omni and 1 Neighborhood explore affordable housing financing options
December 18, 2024 | New Shoreham, Washington County, Rhode Island
This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »
The New Shoreham Block Island Housing Board made significant strides in addressing local housing challenges during their recent meeting on December 18, 2024. A key focus was the exploration of partnerships with nonprofit organizations, specifically Omni, 1 Neighborhood, and Church, to enhance housing development on the island.
Board members discussed the financial models of these nonprofits, emphasizing the need to understand how they fund projects and manage properties. It was noted that these organizations often invest upfront in construction, relying on rental income to cover operational costs and repay their investments. This model could potentially align with the board's goals, as they seek to provide land for development while these partners handle funding and management.
The conversation highlighted a critical barrier: the current scale of proposed housing projects may not meet the financial thresholds required by these organizations. Board members acknowledged that revisiting project density could be essential to attract these partners, as larger developments might generate the necessary income to support their investments.
In addition to discussing potential collaborations, the board also planned for future meetings, with a focus on reappointments and the election of officers in January. Members were encouraged to consider new candidates to bring fresh energy to the board.
Looking ahead, the board aims to engage directly with these nonprofit organizations in early January, suggesting a series of face-to-face meetings to foster collaboration and explore viable housing solutions for the community. This proactive approach underscores the board's commitment to addressing housing needs on Block Island and ensuring sustainable development for its residents.
Board members discussed the financial models of these nonprofits, emphasizing the need to understand how they fund projects and manage properties. It was noted that these organizations often invest upfront in construction, relying on rental income to cover operational costs and repay their investments. This model could potentially align with the board's goals, as they seek to provide land for development while these partners handle funding and management.
The conversation highlighted a critical barrier: the current scale of proposed housing projects may not meet the financial thresholds required by these organizations. Board members acknowledged that revisiting project density could be essential to attract these partners, as larger developments might generate the necessary income to support their investments.
In addition to discussing potential collaborations, the board also planned for future meetings, with a focus on reappointments and the election of officers in January. Members were encouraged to consider new candidates to bring fresh energy to the board.
Looking ahead, the board aims to engage directly with these nonprofit organizations in early January, suggesting a series of face-to-face meetings to foster collaboration and explore viable housing solutions for the community. This proactive approach underscores the board's commitment to addressing housing needs on Block Island and ensuring sustainable development for its residents.
View full meeting
This article is based on a recent meeting—watch the full video and explore the complete transcript for deeper insights into the discussion.
View full meeting