This week, Cherie and I were in the studio with Raleigh Jenkins. Raleigh is the co-founder of CAN - Concerned Airport Neighborhoods, a citizens group formed in 2000 to monitor and participate in the airport planning process for T.F. Green Airport. The expansion of this facility is one of the most hotly debated topics in the state. In fact, close to 500 people packed a Federal Aviation Administration meeting June 14th for information about what expansion at T.F. Green Airport will mean for city neighborhoods.

The FAA spent more than an hour outlining five proposals for expanding the runway to 9,350 feet, four of which have already been scrapped because they were too costly and had too much of an environmental impact. The one remaining option calls for the runway to expand north, thus relocating Airport Road and eliminating houses in the Spring Green neighborhood. The one remaining option calls for the runway to expand north, thus relocating Airport Road and eliminating houses in the Spring Green neighborhood. By contrast, a new, scaled-back option that would limit runway expansion to 8,700 feet, taking fewer homes and costing less was hardly discussed, though it is now believed by some to be the favored option.

After talking with Mr. Jenkins it became clear to me that in spite of the statewide ramifications of the expansion, it seems the media treats this as a local matter and there is very little press outside of the Warwick Beacon. In spite of an Economic Impact Study of Rhode Island’s airports showed that the commercial and general aviation airports generate $2.1 billion in economic activity each year with T.F. Green Airport activity reaching nearly $2 billion.

Earnings totaled $660 million, and the airports are responsible for employment of 23,318 professionals. So, clearly the continued economic viability of the airport is not a NMBY-ists cause, the Airport is a critical economic engine for the state, most notably in the stimulation of tourism and business development.

This Week’s Real Estate Insight:

While the expansion of T.F. Green most directly affects those who live closest to the Airport, the future economic viability of the Airport affects the entire state’s economy. It is in the state’s best interest to come up with the fairest balance between expansion and preserving the surrounding neighborhoods.

If so, would you like to declare independence from your Landlord? My guest this week was Cathleen Pannicia, Director of Homeownership at Rhode Island Housing. We talked about what they can offer to first time homeowners. As the state’s principal housing agency, RI Housing offers dozens of housing programs for low and moderate income Rhode islanders in the areas of homeownership, rental and special needs. Since 1973, Rhode Island Housing has invested billions in the purchase, construction or rehabilitation of houses and apartments in Rhode Island. That translates into over 60,000 homes and 14,000 low and moderate income apartments.

There are limits on how much you can earn and how much you can spend on a home. In addition, in most cases you must be a first-time home buyer. That is someone who has never owned a home or has not had an ownership interest in his or her principal residence during the past three years.

In most of Rhode Island, your household income cannot exceed:

1: $81,200 for households of one or two persons.
2: $93,300 for households of three or more persons.

In most of Rhode Island, you can buy a house that costs no more than:

1: $374,000 for single family homes or condos.
2: $400,000 for existing two-family homes.
3: $500,000 for existing three- and four-family homes.

To encourage homeownership in certain areas of Central Falls, Newport, Pawtucket, Providence and Woonsocket, your household income can be as high as:

1: $97,400 for households of one or two persons.
2: $113,500 for households of three or more persons.

In those targeted areas, you can pay as much as:

1: $450,000 for single family homes or condos.
2: $500,000 for existing two-family homes.
3: $500,000 for newly built two-family homes.
4: $600,000 for existing three- and four-family homes.

Not all of Rhode Island Housing’s resources go to helping first-time homebuyers and financing the construction of affordable apartments. They also provide loans and services to help homeowners maintain and retain their homes. Clean up hazardous lead paint and make energy-efficient improvements.

This Week’s Real Estate Insight:
 
For more than 30 years, Rhode Island Housing has been making it easier for people to make Rhode Island their home. Whether you are looking to buy a home or fix up the home you already own, Rhode Island Housing offers an extensive line of products and services to help you afford to do so.