Pursuant to its enabling legislation, RIHousing is authorized to issue bonds and other obligations to fulfill its corporate purpose. In addition to its bond programs, the corporation administers the Section 8 Housing Assistance Program, the HOME Investments Partnership Program, the federal Low-Income Housing Tax Credit, as well as other state and federal programs.
The corporation supports its staff and operating expenses through bond fund earnings, federal grant administration fees and interest income. RIHousing does not receive state appropriations for its operating budget.
Strong Fiscal Management
RIHousing is one of only a handful of state housing finance agencies nationwide to have earned Standard & Poor’s “Top Tier” designation, a tribute to our management capability and fiscal responsibility. Our strong fiscal management led to improved bond ratings of Aa2 to Aa1 from Moody’s Investors. In 2018, we sold $105 million of single-family tax-exempt bonds and received a clean financial audit.
RIHousing prepares its own annual budget, which is adopted by the Board of Commissioner each fiscal year (July 1 through June 30).