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RI/PVD Economic Development Issues

Lova

By Lova
in Rhode Island

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Jerry2 Hamlet

Jerry2

Posted
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an affordable housing trust fund could fund rental units, not just owner occupied single family units.

And when folks talk about "affordable" what most people mean is housing for people who are priced out of the market, you know--like working class housing--houses for people who work in non profit, or teach in public schools or are firefighters.

"Subsidized" is housing for people who need the government to pay part of their mortgage,or rent, or pay a reduced rate because the government subsidzed the project.

affordable and subsidized are two different animals.

I meant subsidizing closing costs and/or mortgage taxes. The city/or state pays it and puts a lien on the property for that amount. It is widely used in Boston through Mass Housing and such programs are available under RI Housing as well. If a mortgage tax was instituted in RI, it would open up more opportunity for homeownership and less for real estate flippers looking to profit. The taxes could be subsidized from the state. It's a smart plan.

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Cotuit Megalopolis

Cotuit

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i could be making this up but if we just added a real estate transaction fee to every real estate transaction over a certain amount of money, or a .10% tax on transactions over a certain amount we could totally fund an affordable housing trust fund.

Cape Cod has a Land Bank that works this way. A certain percentage is taxed on property transactions over a certain amount. The money goes into a fund that the Cape towns can draw from to buy open space (it's very important to maintain open space on the Cape because of the sole source aquifer that drinking water comes from). It could certainly work in Rhode Island to create somesort of affordable housing fund.

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jencoleslaw Town

jencoleslaw

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Cape Cod has a Land Bank that works this way. A certain percentage is taxed on property transactions over a certain amount. The money goes into a fund that the Cape towns can draw from to buy open space (it's very important to maintain open space on the Cape because of the sole source aquifer that drinking water comes from). It could certainly work in Rhode Island to create somesort of affordable housing fund.

it has been tried a few times here, for both affordable housing and for open space (like cape cod has, and i think Block Island has too) but it is very hard to get the legislation thru because the realtors all come out in droves against it.

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Frankie811 City

Frankie811

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NORTH KINGSTOWN -- Hexagon Metrology North America will unveil its new $13-million, 58,000-square-foot manufacturing facility and corporate headquarters at a ceremony this morning in the Quonset Point Business Park.

The company, which acquired Brown & Sharpe and distributes its brand-name products, announced plans to move to Connecticut last year before brokering a deal with the town and state to stay in the area.

The company employs about 255 people and has been in North Kingstown since the mid-1960s.

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Frankie811 City

Frankie811

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NORTH KINGSTOWN -- Hexagon Metrology North America will unveil its new $13-million, 58,000-square-foot manufacturing facility and corporate headquarters at a ceremony this morning in the Quonset Point Business Park.

The company, which acquired Brown & Sharpe and distributes its brand-name products, announced plans to move to Connecticut last year before brokering a deal with the town and state to stay in the area.

The company employs about 255 people and has been in North Kingstown since the mid-1960s.

http://www.projo.com/business/content/proj...15.323d911.html

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Frankie811 City

Frankie811

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Bid info for new Fidelity building:

CDC# GC PA2 Q080800731:

FIDELITY INVESTMENTS CAMPUS EXPANSION:

LOCATION: Smithfield, RI (Providence Co.) 100 Salem Pl

ESTIMATED AMOUNT: $65,000,000

STATUS: All Subcontractor Bids Received.

STATUS: All Subcontractor Bids Received.

Start Date: July 31, 2006

OWNER: Fidelity Investments

164 Seaport Blvd, Boston, MA 02210-2039

(800)544-3902

ARCHITECT: Gensler & Associates

133 Federal St., Boston, MA 02110

(617)292-4400 FAX# (617)292-4401

GC: Gilbane Building Co

7 Jackson Walkway, Providence, RI 02903

(401)456-5800 FAX# (401)456-5870

SIZE: New Construction, 275,000 SF, five stories, five above grade

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Jerry2 Hamlet

Jerry2

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A few years ago First Data Corp. shut their doors in Providence and consolidated all their Northeastern operations to Boston. A lot of the employees still live in RI or the general metro area and have been commuting thus far. It seems like they are again scouring RI for a location. Bank of America owns the office building in EP that I work at and they are subleasing the building. Apparently, executives with First Data were on-site the other day interested. I would hope that if the rumor mills are true that the RIEDC jumps on this and tries to get them back downtown. As much as I love my new digs in EP, I would prefer downtown Providence to be more of a business center than the outlying office park "suburbs."

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MikeR Hamlet

MikeR

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A few years ago First Data Corp. shut their doors in Providence and consolidated all their Northeastern operations to Boston. A lot of the employees still live in RI or the general metro area and have been commuting thus far. It seems like they are again scouring RI for a location. Bank of America owns the office building in EP that I work at and they are subleasing the building. Apparently, executives with First Data were on-site the other day interested. I would hope that if the rumor mills are true that the RIEDC jumps on this and tries to get them back downtown. As much as I love my new digs in EP, I would prefer downtown Providence to be more of a business center than the outlying office park "suburbs."
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