Councilman David Salvatore (Ward 14) will introduce a resolution at tomorrow’s City Council meeting urging the United States Senate to pass Senate Bill 2020 S.3620. This bill, sponsored and introduced by Rhode Island Senator Jack Reed, would establish a $75 Billion Housing Assistance Fund with the Department of the Treasury.
“As a country, we need to be prepared to mitigate financial distress in all areas of the economy, especially housing,” stated Councilman David Salvatore. “When unexpected disasters like the COVID-19 pandemic hit our Country, it is the job of elected officials to ensure that Americans stay safe and healthy, but also to ensure that Americans are still having their basic needs met; such as reliable housing.”
Senator Reed’s Housing Fund would provide assistance to communities across the Country. It also includes a small state minimum, ensuring that every state would receive at least $250 Million for the purpose of preventing homeowner mortgage defaults, foreclosures or displacement of individuals and families who have faced financial hardship because of the COVID-19 pandemic.
Providence has struggled with a housing crisis since long before the COVID-19 pandemic, and Rhode Island has faced one of the highest increases in unemployment in the country due to COVID-19. These factors have caused concern that Rhode Island may see widespread evictions and foreclosures which would be detrimental to the State’s economy.
Councilman Salvatore continued, “Senator Reed’s proposed bill is exactly the type of leadership that we need to see in Washington as we try to get our country back on its feet. Protecting the housing market is crucial for the financial health of the City of Providence and the State of Rhode Island.”
The fund will also provide assistance with paying for utilities, internet services, and property taxes. Funds will be allocated to each state based on the proportion of unemployment as compared to the rest of the country.
“Protecting homeowners and renters who have faced financial hardship because of COVID-19 must be a priority for Congress. That is why I urge our United States Representatives and Senators to support Senator Reed’s bill S. 3620. I would personally like to thank Senator Reed for his continued leadership on behalf of the people of Rhode Island,” stated Councilman Salvatore.
Upon passage, copies of the resolution will be sent to each member of Rhode Island’s Congressional delegation.
