Rhode Island Housing: Working together to bring you home

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CreatingHomes


In support of our mission to ensure that all Rhode Islanders have access to a safe, affordable home that meets their needs, Rhode Island Housing 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. Rhode Island Housing offers a wide array of safe, affordable funding options, technical support, and flexible financing services available to builders and developers.
Providence Receivership Construction Loan Program
Approximately $3 million in construction loan financing is now available for vacant and blighted properties that have been approved by the court for receivership redevelopment in the City of Providence. This financing is available for 1-4 unit residential properties.
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 Program
Each year, Rhode Island Housing 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 us at 401-429-1449 or acantoral@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 us 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. Rhode Island Housing 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 us at 401-457-1269 or aberman@rihousing.com.

Land Bank
The Rhode Island Housing 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 Rhode Island Housing 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 Dori Boisseau at 401-457-1284 or dboisseau@rihousing.com.  
Construction Financing
Rhode Island Housing 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. Rhode Island Housing 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 Diane Benjamin at dbenjamin@rihousing.com or 401-450-1347.

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 us at 401-457-1236 or ealexander@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 Rhode Island Housing 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 Loan
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 us at 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 us at aberman@rihousing.com.

Affiliated Sites

Rhode Island Housing Help Center HHFRI Rhode Island Housing Online Homebuyer Education HomeLocatorRI.net HousingWorksRI Fair Housing Rhode Island Equal Housing Opportunity