On a case-by-case basis, RIHousing will consider requests for predevelopment resources to Developers (as defined below) for costs associated with predevelopment loan activities. Such activities (“Eligible Uses”) include, but are not limited to:
Maximum loan term is 24 months. The interest rate will be set at closing equal to the 2-year Treasury plus 150bps; in no event shall the rate be less than 4% or greater than 7%.
Additionally, RIHousing will consider the use of Predevelopment Loan funds to provide an advance of project developer fee to pay development consultant fees only if the project can demonstrate that a permanent loan closing will occur within 120 days of receipt of the advance.
Developers must submit a completed Predevelopment Loan Application for consideration by the Predevelopment Loan Committee composed of RIHousing staff.
RIHousing Land Bank program provides financing for eligible applicants to acquire undeveloped real estate, vacant lots, developed properties, or a combination thereof which are intended for the production of affordable housing. Eligible applicants include non-profit organizations whose purpose includes providing housing and related facilities to persons and families of low and moderate income, state or local government, public housing authorities or any partnership or joint venture consisting of at least one of the entities described above.
Land Bank Loans are for a term up to twelve (12) months. The interest rate for all Land Bank program loans will be set at closing in the amount of 3 month U.S. LIBOR plus 3%, but in no event shall the rate be less than 4% or greater than 7%. Land Bank Loans will be limited to 97% of appraised value or purchase price, whichever is lower.
Verifique si su residencia actual se encuentra dentro de un distrito censal elegible.
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).
Check whether your current residence is located within an eligible census tract.
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).
Check whether your current residence is located within an eligible census tract for application prioritization.
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).
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 Bernard White or via mail to 44 Washington Street, Providence, RI 02903.