Rhode Island is facing a severe affordable housing crisis, with a reported shortage of nearly 48,000 rental homes for those earning up to 50% of the area median income. The state's coordinated entry system for the homeless has a record number of individuals and families in need, and there is a particular lack of resources for youth aging out of foster care. In response, a partnership known as "The Collaborative," consisting of ONE Neighborhood Builders, Crossroads RI, Foster Forward, and Family Service of Rhode Island, has formed to address this issue. They have secured a 3-acre property in East Providence and plan to build 160 units of affordable housing, which will also serve youth leaving foster care, families at risk due to housing issues, and low- to moderate-income residents. Additionally, an early learning center will be constructed on the property to provide access to high-quality childcare.

To support this initiative, the resolution proposes an appropriation of $28,000,000 to the Olneyville Housing Corporation (doing business as ONE Neighborhood Builders), in partnership with the other members of The Collaborative. This funding will be used to develop the property at 330, 350, and 354 Taunton Avenue into affordable apartments, addressing the immediate need for affordable housing and benefiting some of Rhode Island's most vulnerable populations. The state controller is authorized to release the funds upon receipt of properly authenticated vouchers.