H7315

Establishes the rural housing development revolving fund within the Rhode Island Infrastructure Bank to support low- and moderate-income housing.

This bill establishes the rural housing development revolving fund within the Rhode Island Infrastructure Bank. The fund aims to provide loans for low- and moderate-income housing development projects in rural areas, defined as census areas with populations under 50,000. The Infrastructure Bank will manage the fund, including reviewing applications, setting administrative fees, and ensuring project labor agreements and local hiring where possible. The State of Rhode Island will appropriate $10 million from the housing bond for fiscal year 2027 to implement the fund.