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In support of our mission to ensure that all Rhode Islanders have access to a safe, affordable home that meets their needs, RIHousing has dedicated extensive resources to building a better Rhode Island through efforts that not only increase Rhode Island's stock of safe, affordable homes, but also take a more collaborative and holistic approach to community.

Products for Builders and Developers
A sound business decision begins with sound financing. RIHousing offers a wide array of safe, affordable funding options, technical support, and flexible financing services available to builders and developers.
Acquisition and Revitalization Program
The Acquisition and Revitalization Program (“ARP”) aims to stabilize neighborhoods and communities by strategically targeting foreclosed and/or blighted residential and commercial properties and vacant lots in need of redevelopment. Approximately $10 million in funding is available to redevelop foreclosed and/or blighted properties; 75% of the funding is set aside for urban communities. Financing is available to non-profit and for-profit developers, municipalities and public housing authorities. For more information on ARP, contact Eric Alexander at 401-457-1236 or ealexander@rihousing.com and Belinda Lill at 401-429-1425 or blill@rihousing.com.

Development Mortgages
Tax-exempt and taxable first-mortgage financing is available for construction and permanent financing for terms of up to 40 years. Contact us at development@rihousing.com for more details on loans for mixed-income projects.

HOME Investment Partnership Program (HOME) and Housing Trust Fund (HTF)
Each year, RIHousing receives approximately $3 million in federal HOME funds from the U.S. Department of Housing and Urban Development. Since 1992, we have awarded more than $97 million in federal HOME funds to both for- and non-profit developers to finance the creation of over 3,000 HOME-assisted units of affordable housing in over 500 developments across Rhode Island. Our HOME Program provides low-interest loans to encourage the construction or rehabilitation of affordable homes, provided matching funds are available. The timing of funding rounds varies. For more information, contact Eric Alexander at 401-457-1236 or ealexander@rihousing.com.

LeadSafe Homes
If you are making improvements to an older home that may have lead, we can help. The builders and developers we work with have access to our safe, affordable LeadSafe Homes loans. For more information, contact Fernanda Aguilar at 401-450-1350 or faguilar@rihousing.com.

Low-Income Housing Tax Credits
These federal tax credits are the principal federal program for the construction and rehabilitation of affordable apartments. The tax credits are a dollar-for-dollar credit against federal tax liability. RIHousing allocates the tax credits to developers of affordable apartments. Developers then sell the credits to investors, generally for-profit corporations and investment funds, generating the equity necessary to complete their projects. Our Qualified Allocation Plan explains the allocation process and priorities in detail. For more information, contact Anne Berman at 401-457-1269 or aberman@rihousing.com.

Land Bank
The RIHousing Land Bank acquires and retains properties on behalf of nonprofit developers and municipalities, while they obtain the funds to develop the properties as affordable homes. Land banked properties are held up to 12 months after which the property may be sold or transferred to another nonprofit through an RFP. All costs incurred by RIHousing and a 6% holding fee are due upon take out from the Land Bank. Occupied properties and those requiring demolition are generally financed with a 6% bridge loan to the applicant. For more information, contact Carlos Morales at 401-450-1328 or cmorales@rihousing.com.
Construction Financing
RIHousing offers construction financing for developers with fixed or floating rates for land development or the rehabilitation of existing buildings for rental or homeownership. For rental development transactions, we also offer a conversion option, which includes long-term, fixed rate permanent financing. Using a variety of options including taxable or tax-exempt bond financing, conduit bond financing or lender participants, we can customize a financial structure to meet the goals of your development. For more information, contact Anne Berman at 401-457-1269 or aberman@rihousing.com.
Thresholds Program
The Thresholds Program increases the supply of housing for people with serious and persistent mental illness and developmental disabilities. RIHousing administers the Thresholds Program on behalf of the Rhode Island Department of Behavioral Healthcare, Developmental Disabilities and Hospitals (BHDDH).

The program requires participating housing sponsors to make units affordable to these populations in return for: 
1) Funds to develop or refinance housing; and 
2) The promise of mental health and social services for these units’ occupants.

Projects that integrate people with serious and persistent mental illness, and developmental disabilities with the rest of the public are preferred over projects that segregate these populations in single or adjacent buildings. Housing exclusively for people with serious and persistent mental illness or developmental disabilities must either be supervised or provide access to on-site mental health services during the day.

The Thresholds Program includes capital development funding and pre-development loans. For more information, contact Jessica Mowry at jmowry@rihousing.com or 401-277-1564.

Pre-development Loans
Our pre-development funds provide critical, short-term financing to qualified non-profit developers to cover pre-closing costs incurred in determining development feasibility and obtaining site control. For more information, contact Carlos Morales at 401-450-1328 or cmorales@rihousing.com.

Community Remote Net Metering Pilot
All customers applying for the Community Remote Net Metering Pilot must obtain an allocation of capacity under the 30MW cap from National Grid. In addition, to qualify as a Low or Moderate-Income (LMI) Housing Eligible Credit Recipient, the recipient must obtain a Certification from RIHousing that all of the Low and Moderate-Income Housing Eligible Credit criteria is met. To begin the process, click here for the Supplemental Application Instructions and here for the Submission Requirements and Determination of Net Benefit to Tenants. For additional information on the Pilot Program and requirements, visit National Grid’s website.

Preservation Loans
We will finance the purchase of or refinance existing Section 8 apartments in exchange for extending the affordability restrictions beyond the term of the original HAP contract. This program also can give Section 8 owners access to a project's residual reserves. Details can be found in the Preservation Program Term Sheet (PDF) and the Preservation Refinancing Program Term Sheet (PDF). For more information, contact us at 401-457-1269 or email Anne Berman at aberman@rihousing.com.

Bridge Loans
Refer to attached Bridged Loan Term Sheet (PDF) for requirements, eligibility and terms. For more information, contact Anne Berman at 401-457-1269 or email aberman@rihousing.com.

Rental Housing Production Program
This is our primary program for financing the construction and rehabilitation of affordable apartments. It combines many of our financing vehicles into one-stop shopping for financing affordable homes. The apartments must be affordable to households earning no more than 60 percent of HUD's median family income. Our downloadable Developers Handbook explains the allocation process and priorities in detail. For more information, contact us at 401-457-1269 or email Anne Berman at aberman@rihousing.com.

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