Reed, a Democrat from Rhode Island, helped create the Capital Magnet Fund in 2008, which was designed to support community development financial institutions and nonprofit housing developers that increase investment in affordable housing and economic development activities or community service facilities, such as day care centers or other workforce development centers.
This new grant through the Treasury’s Community Development Financial Institutions (CDFI) Fund Capital Magnet Fund adds to the $16.6 million Rhode Island Housing received in prior years through the Fund.
“Rhode Islanders need homes they can afford, and every dollar of funding received goes a long way toward ensuring that families have a roof over their heads, people who work in construction and related fields stay employed, neighborhoods stay revitalize and our state be strengthened. ” said Carol Ventura, executive director of RIHousing. “We are very grateful to Senator Reed for his leadership and commitment to providing solutions to the challenges we face.”
Rhode Island Housing was one of 59 organizations from across the country selected by the Treasury. A total of $336.4 million was administered through the program.
“We must continue to work together to expand affordable and sustainable housing opportunities,” Reed said in a statement. “In this challenging housing market, it is essential that we build more affordable housing and these federal funds will help attract essential housing investments.”
The Capital Magnet Fund requires grantees, such as Rhode Island Housing, to leverage at least $10 of housing and economic development investments for every $1 of federal funds.
July 7, 2022
McKee Signs Offshore Wind Power Acquisition Bill
EAST PROVIDENCE, RI – Governor Dan McKee signed legislation Wednesday that requires the state’s dominant utility to source 600 to 1,000 megawatts of offshore wind power for the state’s power grid. Rhode Island Energy will have to issue the takeover by October 1. 15 this year under the legislation, which was sponsored by State Sen. Dawn Euer, D-Newport, and Rep. Arthur Handy, D-Cranston.
“Adding clean offshore wind power capacity is essential to meeting our new 100 percent renewable energy goal by 2033 and our Climate Act emissions reduction goal,” McKee said in a press release touting the new law. , which he signed at Quonset Point.
Electricity from this acquisition could power about 340,000 homes a year, McKee’s office said. It would meet about 30 percent of the state’s energy demand by 2030.
There are several offshore wind projects under development off Rhode Island, which was home to the country’s first demonstration project, the Block Island Wind Farm.
The legislation would allow the Public Utilities Commission to decide whether Rhode Island Energy will receive a payment of up to 1 percent of the contract amount under the agreement. —BRIAN AMARAL
June 28, 2022
92 percent of Bally’s Twin River Casino workers voted to strike
SMITHFIELD, RI — More than 92 percent of workers at Bally’s Twin River Casino voted to authorize a strike Tuesday night 6/28. If the union and the casino do not reach an agreement when they meet on Wednesday 6/29, the workers could go on strike as soon as their contract expires on Friday, the union said in a press release.7/1
The workers, who began negotiating with the casino on June 24, are demanding that the company increase staffing, offer more full-time hours and increase wages to match the rising cost of living.
New leadership at Leadership RI after executive director takes over at Gallup in Washington DC
Mike Ritz, CEO of Leadership Rhode Island (or LRI), has accepted a new position at Gallup, a global research firm in Washington, DC. There, he will lead the company’s strategic effort as executive director of a new government leadership institute.
Michelle Carr, deputy director of LRI, will take the place of Ritz.
“I can leave with confidence knowing that Michelle Carr, our deputy director, is more than ready to take on the role. We have worked together for almost eight years, growing and evolving LRI. She is the perfect person to take this organization to new heights,” said Ritz.
East Providence job training program receives $350,000 federal investment
Congressman David N. Cicilline announced a $350,000 federal investment that will support a new workforce and career development program for approximately 530 low- and moderate-income East Providence adults.
Program participants will enroll in certification courses through Roger Williams University, which will be geared toward enhancing employment opportunities by “cultivating industry-specific IT and leadership skills.”
Cicilline’s office said it secured these funds in the general spending bill for fiscal year 2022. The program is one of 10 community project funding requests it made to the Appropriations Committee. The ten projects recommended by the congressman were financed.
More Rhode Island Business News.
Alexa Gagosz can be contacted at firstname.lastname@example.org. Follow her on Twitter @alexagagosz and on Instagram @AlexaGagosz.