Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Council authorizes $500,000 bond for affordable housing and possible land acquisition
Summary
The town council voted 5–0 to authorize issuance of $500,000 in general obligation bonds to fund affordable-housing initiatives and to support acquisition of a property at 576 Point Judith Road or other eligible projects, with staff to report on soft costs and next steps.
The Naragansett Town Council authorized a resolution to issue up to $500,000 in general-obligation bonds dedicated to affordable-housing activities and related costs. The vote was unanimous.
Councilors discussed the proposed use of proceeds — including appropriation to the Affordable Housing Trust and potential acquisition of 576 Point Judith Road — and the potential for soft costs (title searches, legal and closing expenses) associated with an acquisition. Finance staff and the town manager noted that, if the specified property purchase does not close promptly, funds may be allocated to other council‑approved affordable‑housing projects. Members of the public urged that bond-funded projects deliver the maximum number of permanently affordable units and that wetlands and climate impacts be assessed before acquisition decisions.
Why it matters: The bond provides an immediate funding mechanism to acquire property or support projects that expand year‑round affordable housing, reduce pressure from short‑term rentals, or otherwise advance town housing goals.
Next steps: Staff will provide anticipated soft‑cost estimates and a plan for deployment of proceeds; the town will proceed with necessary acquisition steps for any approved property and report back to council on schedule and fiscal implications.
