Affordable Housing is Key to a Strong Economy and a Healthy Community
Senator Reed is working hard to help stabilize the real estate market for homeowners, renters, and businesses so our economy can recover.
Reed has long championed efforts to make affordable rental housing options available to more Americans, and wrote the law creating an affordable housing trust fund to build, preserve, and rehabilitate affordable rental homes.
As the New York Times noted: “Mr. Reed has had a passion for housing issues throughout his career. Beginning in the early 1980s when, as a young lawyer, he did pro bono work for Amos House, a Providence soup kitchen and social service agency, and continuing after his election to the Rhode Island Assembly, the House and finally the Senate.”
He has also been a champion of fixing America’s broken foreclosure process. In an effort to protect consumers and hold banks and servicers accountable for providing relief to qualified homeowners, Reed introduced the Preserving Homes and Communities Act. This bill would establish a clear set of rules and procedures in order to prevent more faulty foreclosures and to protect troubled borrowers who have been misled into expecting loan modifications that never materialized.
Key Priorities & Accomplishments
- Reed helped preserve the low-income housing tax credit (LIHTC), a program that has helped construct nearly 12,500 units of affordable rental housing in Rhode Island and generated over $100 million in revenue for cities, towns, and the state.
- To help bolster Rhode Island’s economy and provide qualified homeowners with additional resources to prevent foreclosures, Senator Reed has secured over $105 million in federal foreclosure prevention funds through the Hardest Hit program, which is administered by Rhode Island Housing, and Neighborhood Stabilization Program funds.
- To help communities nationwide reduce homelessness, Senator Reed wrote and passed the bipartisan Homeless Emergency Assistance and Rapid Transition to Housing (HEARTH) Act. This law simplified and consolidated competitive HUD homelessness assistance programs and allowed more funding to flow to communities that demonstrate a commitment to preventing and ending homelessness.
- Reed increased funding to remove lead based paint from homes, educate families about the dangers of lead poisoning, and train inspectors and workers to identify lead contamination in housing. Since 1998, Senator Reed has helped secure over $40 million for Rhode Island lead poisoning prevention programs.
In an effort to help Rhode Islanders avoid abrupt increases in flood insurance premiums, U.S. Senators Jack Reed and Sheldon Whitehouse last night joined with a bipartisan coalition of 26 of their Senate colleagues in introducing an updated version of the Homeowner Flood Insurance A...Posted on 12/18/2013 |
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U.S. Senator Jack Reed today announced that twenty-five Rhode Island cities and towns will receive a total of $11.7 million in federal funding to develop, finance, and modernize public housing in their communities. The grants are awarded through the U.S. Department of Housing and Urb...Posted on 8/8/2013 |
As part of their continuing efforts to provide suitable housing for disabled and low-income veterans, U.S. Senators Jack Reed (D-RI) and Mike Johanns (R-NE) today reintroduced the Housing Assistance for Veterans Act (HAVEN Act). The HAVEN Act authorizes a competitive,...Posted on 7/30/2013 |
Today, after President Barack Obama nominated U.S. Representative Mel Watt (D-NC) to lead the Federal Housing Finance Agency, U.S. Senator Jack Reed (D-RI), a senior member of the Banking Committee, issued the following statement: “Mel Watt is a strong pick to lead the...Posted on 5/1/2013 |
Senator Reed joins Rhode Island Housing in a ribbon cutting ceremony at Operation Stand Down Rhode Island’s Hartford Avenue location in Johnston to celebrate the opening of its newest expansion of its permanent housing and supportive service facilities for homeless and disabled veterans. This $1.3 milli...Posted on 4/15/2013 |
Senator Jack Reed celebrates the opening of the new Rev. Jean Barry Center for Social Services will provide affordable rental housing and critical support services to Rhode Islanders in need.Reed helped secured a $292,200 federal earmark to help finance this project....Posted on 4/10/2013 |