New Shoreham explores funding strategies for affordable housing initiatives
December 18, 2024 | New Shoreham, Washington County, Rhode Island
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The New Shoreham Block Island Housing Board convened on December 18, 2024, to discuss pressing issues surrounding affordable housing in the community. The meeting focused on the results of recent surveys and potential funding strategies to address the growing gap in housing affordability.
The session began with a review of survey data collected from community members. A grassroots group had conducted a survey that garnered 50 responses, revealing insights similar to those from a town-initiated survey. Board members discussed the importance of updating these surveys to ensure they reflect current community needs.
A significant portion of the meeting was dedicated to addressing the financial challenges associated with affordable housing. Board members expressed concerns that without external funding, such as donations or grants, it would be difficult to reduce land costs significantly. Discussions highlighted the need to increase the supply of affordable housing through innovative funding mechanisms.
One proposed solution was the establishment of a community land trust, which could help manage land for affordable housing purposes. Additionally, board members considered the potential of reallocating tax revenues to support affordable housing initiatives. The conversation also touched on the feasibility of implementing impact fees on new construction, which could provide additional revenue for housing projects. However, it was noted that such fees are heavily regulated by state law and would require a thorough legal review to ensure compliance.
The board acknowledged the current income stream from a 3% transfer fee on real estate transactions, which supports conservation efforts, and a 1% fee on short-term rentals that contributes to the housing board's budget. These funds, totaling nearly $200,000 annually, have been utilized for various housing projects, but members recognized the need for more robust funding sources to bridge the affordability gap.
In conclusion, the meeting underscored the urgency of addressing affordable housing in New Shoreham. Board members agreed to explore various funding strategies and continue discussions on how to effectively increase the supply of affordable housing in the community. Further actions will be taken to refine survey efforts and investigate potential legislative changes to support these initiatives.
The session began with a review of survey data collected from community members. A grassroots group had conducted a survey that garnered 50 responses, revealing insights similar to those from a town-initiated survey. Board members discussed the importance of updating these surveys to ensure they reflect current community needs.
A significant portion of the meeting was dedicated to addressing the financial challenges associated with affordable housing. Board members expressed concerns that without external funding, such as donations or grants, it would be difficult to reduce land costs significantly. Discussions highlighted the need to increase the supply of affordable housing through innovative funding mechanisms.
One proposed solution was the establishment of a community land trust, which could help manage land for affordable housing purposes. Additionally, board members considered the potential of reallocating tax revenues to support affordable housing initiatives. The conversation also touched on the feasibility of implementing impact fees on new construction, which could provide additional revenue for housing projects. However, it was noted that such fees are heavily regulated by state law and would require a thorough legal review to ensure compliance.
The board acknowledged the current income stream from a 3% transfer fee on real estate transactions, which supports conservation efforts, and a 1% fee on short-term rentals that contributes to the housing board's budget. These funds, totaling nearly $200,000 annually, have been utilized for various housing projects, but members recognized the need for more robust funding sources to bridge the affordability gap.
In conclusion, the meeting underscored the urgency of addressing affordable housing in New Shoreham. Board members agreed to explore various funding strategies and continue discussions on how to effectively increase the supply of affordable housing in the community. Further actions will be taken to refine survey efforts and investigate potential legislative changes to support these initiatives.
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