TOTAL 2001-2003
In this period, 23 of the Community Development Corporations
reported producing or acquiring 967 units of affordable housing
for a total investment of $84,776,307.
AVERAGE PRODUCTION RATE
The typical rate of production ranged from 6-40 units in a two
year period. The top three brought 65, 60, and 54 units to market
in the same period.
OTHER ACTIVITIES
In addition to residential development CDCs participate in a wide
range of activities in support of community revitalization.
OPERATIONS 2001-2003
In 2003, the Community Development industry employed
approximately 450 individuals in 23 groups, with operating
budgets totaling in excess of $24 million. However, three member
organizations who provide a very wide range of community
services, of which housing is a small part, (Urban League of Rhode
Island, Blackstone Valley Community Action Program, and West
Bay Community Action Program) have budgets in excess of $5
million and employ between 45-170 individuals each.
Thus, the seventeen more typical CDC’s, which are primarily
devoted to housing development, report employing approximately
125 individuals with operating budgets totaling in excess of $7.3
million. Those groups reported adding 17 full time equivalents
in staff, a 20% increase, in the two-year period. Operating budgets
increased 34%, from $5.5 million to $7.3 million in the same
period. A typical CDC in Rhode Island has a staff of 5 to 10
individuals. Most have operating budgets between $350,000 and
$500,000.
MAJOR CAPACITY SUPPORT
Many of the member organizations receive significant operating
support and other resources from four primary sources in addition
to development fees, rents, and direct donations. Eight groups
are part of LISC’s Neighborhood Development Fund (NDF), five
are supported by the Neighborhood Reinvestment Corporation
(NRC), five receive Capacity Building Initiative (CBI) money and
more than half benefit from Community Development Block
Grant (CDBG) funding.
HISTORICAL INFORMATION
Longevity
Incorporated in 1969 and 1970, Church Community Housing and
West Elmwood Housing Development Corporation, have been in
operation 34, and 33 years respectively. Three members are less
than ten years old, while the vast majority are between ten and
twenty years old.
CUMULATIVE PRODUCTION
The 23 members active in 2001-2003, reported life time totals of
5236 units of affordable housing at a total value of $351 million.
*(The actual cumulative total, including the work of previous
members of the Housing Network of RI, is greater.)
Commercial development has been another area of activity, with
ten 2001-2003 members reporting a cumulative total over 160,000
square feet at a value of over $12 million.
Some members support the retention and improvement of the
existing housing stock through loan funds for rehabilitation,
maintenance, repair and foreclosure prevention. Cumulatively,
around 1,800 loans have been made by six members, with a total
value of $15.6 million.
The combined historic value of investment in the community,
residential development ($351 million), commercial development
($12 million) and loan activity ($15.6) by 2001-2003 members,
is $380 million.
GEOGRAPHIC DISTRIBUTION
Members work in neighborhoods and communities across the state.
REAL ESTATE PORTFOLIOS
One and two family infill rehabilitation or new construction is
by far the most common type of development activity in the
membership. Larger scale, 30-40 unit, Low Income Housing Tax
Credit, projects have been completed by a number of members,
while fewer members have completed projects with more than
one hundred units.
Historic mill rehabilitation, as well as conversions of buildings
from a previous use to housing, like schools to assisted living,
have been successful projects for some members. Several have
done, or are planning, mixed use commercial and residential
projects. Members have also been involved in supportive housing,
independent and assisted elderly housing and the creation of
child care facilities.
In addition to fee simple homeownership, or direct rental from the
organization to the tenant, ultimate ownership and pricing is wide
ranging. Affordable housing land trusts are being used by 26%
of the membership and being contemplated by a majority of the
membership, to ensure permanent affordability. One quarter of
the groups are starting to use condominium ownership to reach
lower income home buyers, while around 20% sell or rent at
market rate to help support operating costs. Higher density mixed
income projects are likely in the coming years.
EDUCATION, COUNSELING AND JOB TRAINING
Some members have education, individual counseling, or job
training as an important component of their overall mission.
Thirteen members reported contact with more than 17,500 families
or individuals through classes or direct counseling, while the
Housing Network of RI had contact with 2,000, for cumulative
total of almost 20,000.
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