For Immediate Release
October 23, 2025

Media Contact:
Christine Hunsinger
chunsinger@rihousing.com

PROVIDENCE, RI – Governor McKee, the Executive Office of Housing (EOH) and RIHousing today announced the opening of a consolidated funding round focused on housing production. Building on previously announced funding programs from EOH and supported in part by the $120 million housing bond passed by voters in 2024, this Request for Proposals includes innovative new bond-backed initiatives plus staple programs to fund the acquisition, rehabilitation, and new construction of affordable housing.                     

“Production, production, production is the name of the game when it comes to tackling Rhode Island’s housing crisis,” said Governor Dan McKee. “Backed by a record-setting and voter-approved housing bond, we are bringing in innovative strategies to spur new housing opportunities that strengthen our workforce, bolster our economy, and help our families build prosperous futures.”

The programs provide financial assistance to a range of development stages and types, including for smaller scale projects that would not qualify for traditional Low Income Housing Tax Credit (LIHTC) financing. By leveraging these and other funding sources, developers will have ample support from the state to rehabilitate or build housing, adding to Rhode Island’s pipeline of new homes.

“The programs included in this consolidated round are designed to meet Rhode Islanders where they are — addressing the full spectrum of housing needs across our state,” said Secretary of Housing Deborah Goddard. “From new developments from small to large scale that expand our housing supply, to projects that preserve our existing affordable housing, each investment moves us closer to an improved housing landscape. Combined with $66 million in housing bond funds, the additional $47 million available today will accelerate the production and preservation of affordable homes, strengthen local partnerships, and ensure that Rhode Islanders at every income level have access to safe, quality, and affordable housing.”

“RIHousing is proud to release another consolidated funding round, which will provide over $113 million for housing activities in communities across our state,” said Carol Ventura, CEO & Executive Director of RIHousing. “With the inclusion of programs funded by the $120 million housing bond approved by voters last year alongside federal and state tax credits and programs like HOME, HTF, and HPF, this RFP offers developers a range of funding opportunities that will greatly contribute to housing production in Rhode Island.”

By combining these programs into one RFP, the process of applying for funding has not only been streamlined but simplified as well. RIHousing and the state worked together to adopt this consolidated process; interested parties can visit www.osa.rihousing.com to review and submit. Applications are due by 4 p.m. on December 18, 2025.

The programs included in this consolidated funding round are:

9% Low-Income Housing Tax Credit (LIHTC): Rhode Island’s annual allocation is approximately $3.5 million. Applicants are encouraged to review the 2026 Qualified Allocation Plan to ensure familiarity with program requirements, but Proposals must:

1. Meet the required minimum set aside requirement of the Section 42 program.
2. Create a minimum of 30 new units.
3. For applications proposing preservation, 30% of the overall units in an application or 20 units, whichever is greater, must be newly created affordable homes.
4. As the LIHTC is a highly competitive and scarce resource, no single development may be awarded more than 40% of Rhode Island’s annual small-state minimum allocation.

Tax Exempt Bonds and 4% LIHTC: RIHousing has traditionally accepted applications for bond financing on a rolling basis and will continue to do so. Completion of the consolidated application will be considered an application for tax exempt bonds. For proposals seeking tax exempt bonds and 4% LIHTC, applicants are encouraged to review the 2026 Qualified Allocation Plan to ensure familiarity with program requirements and priorities. Funding is available for rental housing only. RIHousing reserves the right to limit Tax Exempt allocations to determined financial feasibility of eligible bond basis and fund the balance of the construction loan with taxable debt.

Housing Production Fund (HPF): HPF is funded through state real estate transfer tax receipts. Approximately $1,500,000 in funding for production will be available under this RFP. While preservation of existing housing is an eligible use, new production is a priority. Developments must benefit low- and moderate-income individuals and families with gross annual incomes at or below 80% of Area Median Income (“AMI”) and there is a priority for households either exiting homelessness or earning no more than 30% of AMI. Mixed income developments are allowed under the HPF program. Funding is available for rental and homeownership opportunities.

HOME Investment Partnerships Program (HOME)*: RIHousing has approximately $3 million available in HOME funds. Awards will be capped at $1 million per project. HOME funds will be prioritized for successful 9% LIHTC applications.

Housing Trust Fund (HTF)*: The HTF program awards funding for the acquisition, rehabilitation, and new construction of rental housing for extremely low-income individuals and families. HTF funds will be prioritized first for successful 100% Permanent Supportive Housing Projects with less than 30 units using the Permanent Supportive Housing Program fund scoring criteria for applications requesting HTF, and second, if funding remains, for LIHTC applications that contain Permanent Supportive Housing units. Approximately $3 million is available.

*Note – all HOME and HTF funded projects will be subject to the Build America Buy America (“BABA”) requirements as outlined in the Infrastructure Investment and Jobs Act signed into law on November 15, 2021.

Housing 2030 Permanent Supportive Housing Program: Housing 2030 PSH provides funding for the development of 100% new permanent supportive housing (“PSH”) multifamily projects for households with incomes at or below 30% of AMI. Further, this initiative will prioritize funding small scale developments which are too small for traditional low-income housing financing tools such as LIHTC. Up to $12 million is available.

Housing 2030 Small Scale Rental Program: Up to $12 million is available for new construction of income eligible rental units for households earning up to 120% AMI. Developments must be no fewer than 5 and no more than 30 units. At least 51% of units in any funded developments must be affordable units that are secured with a deed restriction of at least 30 years.

Housing 2030 Affordable Rental Housing New Development Program: Up to $27 million is available for new construction, rehabilitation, and/or adaptive reuse of income eligible rental units. All applications must include 51% or more new construction units. Developments must benefit low- and moderate-income individuals and families earning up to 120% of the AMI.

Housing 2030 Preservation Program: The source for Housing 2030 Preservation is $5 million in housing bond funds through the Rhode Island Executive Office of Housing and $5 million in RIHousing Affordable Housing Trust Fund funding. Up to $10 million is available for preservation of income eligible rental units for households earning up to 120% of the AMI.

Housing 2030 Acquisition and Revitalization Program: $10 million is available for strategically targeting foreclosed and/or blighted residential and commercial properties and vacant lots in need of redevelopment. Income of households assisted under the program is limited to 120% of the AMI. Eligible properties include residential, commercial and vacant lots located in Rhode Island that are determined to be blighted or are foreclosed and are part of a municipal revitalization plan or strategy.

State Low-Income Housing Tax Credit (State LIHTC): The purpose of the State LIHTC is to provide gap funding for the development of affordable housing in Rhode Island. Up to $30 million is available. Only projects with federal LIHTC awards (4% and /or 9%) are eligible to receive State LIHTC, which will be awarded prior to construction closing; the amount of credits will be sized to fill remaining gaps in the project funding.  The developer will receive the tax credits over five (5) years after the project is placed in service. The developer is also eligible to redeem the tax credits for 90 cents for each dollar of tax credits awarded. This cash redemption would also occur over five (5) years after the project is placed in service.

Zero Energy for the Ocean State (ZEOS): RIHousing has partnered with the Rhode Island Office of Energy Resources and Rhode Island Energy to provide funding to support the creation of energy efficient Zero Energy Building “ZEB” housing units in Rhode Island for low- and moderate-income residents earning up to 120% of the AMI. Project proposals must include heat pump technologies and onsite (or if available, community) solar in pursuit of ZEB status. Up to $1,558,000 of grant funding is available for new construction or rehabilitation of income eligible units.

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About RIHousing
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit RIHousing.com or follow us @RIHousing on Facebook, X, and Instagram.