RIHousing Announces Funding For Development of Affordable Homes

Application Deadline: 4:00 pm on January 16, 2024

RIHousing is pleased to announce the opening of a competitive funding round for multiple sources of financing for the following programs:

1. 2024 9% Low Income Housing Tax Credits (“LIHTC”)
2. Tax-exempt bond financing
3. DAH-2 Funds
4. HOME Program Investment Funds
5. Housing Trust Funds
6. Community Revitalization Program
7. Acquisition Revitalization Program
8. Capital Magnet Fund
9. Middle Income Loan Program
10. Priority Projects Fund
11. Transportation Oriented Development ("TOD") Fund
12. HOME-ARP Funds for Supportive Services
13. Housing Production Fund for Operating Support (“HPF-ELI”)

Program Description Summary

Funding awards may be subject to appropriation and are contingent upon funding availability.

RIHousing has adopted a universal application that consolidates the request for multiple financing sources. While program priorities are similar, scoring and program requirements may differ. It is incumbent upon applicants to familiarize themselves with the various sources and identify the funding source or combination of sources that best meet the needs of their proposal.

APPLICATION PROCESS

• Applicants must submit applications through the RIHousing Consolidated Application system.
• To apply, please Log In or Register. Once you're logged in, click Create Project to get started.
• Incomplete applications, applications submitted on incorrect/obsolete forms, and those omitting the requested documentation will not be evaluated.
• All rental proposals must use the most current proforma model, version 11.7o, located on our website in the Developer's Handbook.
• All homeownership proposals must use the model included in the Application.
• Applicants seeking HPF-ELI and/or HOME-ARP Supportive Service funds for existing developments and ARE NOT applying for additional funding through the OSA should contact Nivea Linhares at nlinhares@rihousing.com for a link to a unique Share File address to submit their application.
• Borrowers must identify the sources of funds for which they are applying. RIHousing reserves the right to adjust funding amounts and sources requested by any applicant based on need, demand, and project fit with available sources.

The 2024 Developer’s Handbook, the guide to underwriting multifamily transactions, including design and construction guidelines, the 2024 QAP and the required proforma model are available on our website.

INFORMATIONAL MEETING

An informational meeting will be held virtually on Tuesday, December 12, 2023, at 10:00 am over Microsoft Teams to discuss the various funding sources and application in more detail. All interested applicants who wish to attend can click this link to register.

APPLICATION SUBMISSION

Proposals must be received by RIHousing through the RIHousing Consolidated Application system before 4:00 pm on Tuesday, January 16, 2024.

DOCUMENTS

• RFP Announcement
• Link to Application
• Program Description Summary