Landbank Program
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.
