PROVIDENCE, R.I. (WPRI) — Gov. Dan McKee and other state leaders on Tuesday announced the first round of housing bonds that municipalities and developers can apply for to help create more housing in Rhode Island.

The funding is part of a $120 million bond package approved by voters about a year ago to help finance new construction and refurbish deteriorating buildings.

In the video above, Target 12 consumer reporter Sarah Guernelli breaks down what applications are currently open and when more bond money will be made available.

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