Planning and Development for Affordable Housing

Rhode Island General Law 42-55-5.3 requires applicants for a Comprehensive Permit in a Rhode Island municipality first obtain a Letter of Eligibility from RIHousing stating their eligibility to apply. Applications should be submitted to LOE@rihousing.com or via mail to 44 Washington Street, Providence, RI 02903, Attention: Ancillary Department.

Please allow a minimum of 15 business days (approximately 3 weeks) for application processing upon receipt of a completed application. Applications are reviewed in the order they are received. If you have a scheduled Planning Board meeting, be sure to account for this review period when submitting your materials.

RIHousing will consider requests from non-profit developers for loans to cover costs associated with the acquisition of property for affordable housing development. Developments may be for rental occupancy or homeownership. Loan decisions will be made on a case-by-case basis at RIHousing’s sole discretion.

Applicants must submit a completed Acquisition Bridge Loan application for consideration by the Acquisition Bridge Loan Committee, composed of RIHousing staff. Loans for greater than one million dollars ($1 million) require approval by the Trustees of the Affordable Housing Trust Fund.

RIHousing will consider loan requests from non-profit developers for costs associated with eligible predevelopment activities for affordable housing. Loan decisions will be made on a case-by-case basis at RIHousing’s sole discretion. Eligible activities include:

• Architectural and engineering studies, environmental assessments, or the costs associated with other development professionals;
• Filing fees and/or costs and expenses incurred in obtaining permits and approvals and applying for public or private grants;
• Site control costs such as deposits under real estate purchase and sale agreements or to acquire options or extensions of options or purchase and sale agreements on real estate;
• Advance of project developer fee to pay predevelopment consultant fees only if the project can demonstrate to RIHousing’s satisfaction that a permanent loan closing will occur within a reasonable period after receipt of the advance;
• Other predevelopment activities approved by RIHousing.

Maximum loan term is 24 months. Interest rate will be set at closing equal to the 2-year Treasury plus 150bps, subject to modification by program bulletin.

Applicants must submit a completed Predevelopment Loan application for consideration by the Predevelopment Loan Committee composed of RIHousing staff.