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BUILDING & PRESERVING AFFORDABILITY

Programs to create new and preserve our existing housing inventory.

Construction & Bridge Financing

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Development Mortgages

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HOME Program & Housing Trust Fund

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LeadSafe Homes Loans

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Low-Income Housing Tax Credits (LIHTCs)

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Preservation Loans

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Rental Housing Production Program

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Thresholds Program

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Section 811

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Capital Magnet Fund (CMF) Term Sheet

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© 2022 RIHousing | Public Information and Notices

Acquisition and Revitalization Program

Funding to stabilize neighborhoods and communities by strategically targeting foreclosed and/or blighted residential and commercial properties and vacant lots in need of redevelopment. Approximately $10 million in funding has been awarded. Read the press release to learn more

CONTACT

Lauren Farley
401-429-1412
lfarley@rihousing.com

LeadSafe Homes Loans

Funding to cover improvements to older homes that may have lead and meet certain eligibility requirements.

LeadSafeHomes: Request for Contractors (PDF)
LeadSafe Homes: Contractors Application (PDF)

CONTACT

leadinfo@rihousing.com

Low-Income Housing Tax Credits (LIHTCs)

LIHTCs are the principal federal program for the construction and rehabilitation of affordable apartments. Tax credits are a dollar-for-dollar credit against federal tax liability. RIHousing allocates tax credits to developers of affordable apartments. Developers then sell the credits to investors, generally for-profit corporations and investment funds, generating the equity necessary to complete their projects.

View the most updated Qualified Action Plan in Section 7 of our Developer’s Handbook >

 

2023 LIHTC Applicants (PDF)
2023 LIHTC Recipients (PDF)

CONTACT

Anne Berman
401-457-1269
aberman@rihousing.com  

¿Es usted residente de Newport?

Verifique si su residencia actual se encuentra dentro de un distrito censal elegible.

Approximation of Newport Census Tract 405

Solo los residentes del distrito censal 405 son elegibles para el programa piloto FirstGenHomeRI.
El mapa de la izquierda muestra la región elegible aproximada.

¿No está seguro si su dirección es parte de la región elegible?
Escriba su dirección a continuación para averiguarlo (incluya el número de calle, el nombre de la calle, Newport, RI).

Data mapped by PolicyMap, an online GIS mapping tool.

Are you a Newport resident?

Check whether your current residence is located within an eligible census tract.

Approximation of Newport Census Tract 405

Only residents of census tract 405 are eligible for the FirstGenHomeRI pilot program.
The map on the left shows the approximated eligible region.

Unsure if your address is part of the eligible region?
Type in your address below to find out (Include street #, street name, Newport, RI).

Data mapped by PolicyMap, an online GIS mapping tool.

Do you live in Central Falls, Pawtucket, Newport or East Providence?

Check whether your current residence is located within an eligible census tract for application prioritization.

Applications from residents who live in the census tract listed below are prioritized.

Central Falls 44007010900, 44007010800 44007011100, 44007011000
Pawtucket 44007016000,44007015300, 44007015100, 44007015200, 44007015500, 44007016600, 44007016700, 44007017000, 44007017100, 44007016100, 44007016400
Newport 44005040500, 44005041100
East Providence 4400701010100, 44007010501

 

Type in your address  below to learn if you are in the targeted area. (Include street #, street name, city, RI).

Data mapped by PolicyMap, an online GIS mapping tool.

Development Mortgages

Tax-exempt and taxable first-mortgage financing available for construction and permanent financing for mixed-income projects at terms of up to 40 years. In general, developments must meet one of the following criteria:
– 20% of the units are occupied by households at 50% area median income (AMI);
– 40% of the units are occupied by households at 60% AMI; or
– At least 40% of the units are occupied by households with income averaging no more than 60% of AMI and no units are occupied by households with incomes greater than 80% AMI.

CONTACT

Anne Berman
401-457-1269
aberman@rihousing.com

 

Thresholds Program

RIHousing administers the Thresholds Program on behalf of the Rhode Island Department of Behavioral Healthcare, Developmental Disabilities and Hospitals (BHDDH).

The Thresholds Program includes capital development funding and pre-development loans to increase the supply of housing for people with serious and persistent mental illness and developmental disabilities.

Projects that integrate people with serious and persistent mental illness and developmental disabilities with the rest of the public are preferred over projects that segregate these populations in single or adjacent buildings. Housing exclusively for people with serious and persistent mental illness or developmental disabilities must either be supervised or provide access to on-site mental health services during the day.

CONTACT

Jessica Mowry
401-277-1564
jmowry@rihousing.com

Preservation Loans

Financing to purchase or refinance existing Section 8 apartments in exchange for extending the affordability restrictions beyond the term of the original HAP contract. This program also can give Section 8 owners access to a project’s residual reserves.

Preservation Program Term Sheet (PDF)
RIHousing Risk Share Refinancing Term Sheet (PDF)

CONTACT

Anne Berman
401-457-1269
aberman@rihousing.com  

Rental Housing Production Program

Primary program for financing the construction and rehabilitation of affordable apartments. The program offers financial incentives to preserve, develop, construct, produce or rehabilitate housing developments and combines many of our financing vehicles into ‘one-stop shopping’ for financing affordable homes. The apartments must be affordable to households earning no more than 60 percent of HUD’s median family income.

Developers Handbook
Program Regulations (PDF)

CONTACT

Anne Berman
401-457-1269
aberman@rihousing.com  

Construction & Bridge Financing

Financing with fixed or floating rates for land development or rehabilitation of existing buildings for rental or homeownership. For rental development transactions, we also offer a conversion option, which includes long-term, fixed-rate permanent financing. Using a variety of options, including taxable or tax exempt bond financing, conduit bond financing or lender participants, we can customize a financial structure to meet the goals of your development.

Program Bulletin 2019-01 (PDF)
Bridge Loan Term Sheet (PDF)

CONTACT

Anne Berman
401-457-1269
aberman@rihousing.com