HOME-ARP Production Fund Program

The HOME-ARP Production Fund Program aims to reduce homelessness by acquiring, rehabilitating, and/or constructing affordable rental housing for individuals and families who fall within the qualifying populations defined by HUD. The program provides long-term loans secured by a deed restriction for rental developments, with a 0% deferred interest rate for 30 years. Eligible applicants include for-profit and non-profit developers, owners of existing affordable housing developments, and Public Housing Authorities. The program has a funding priority for projects that serve qualifying populations, have committed operating support, and demonstrate financial feasibility and marketability. • The program provides funding for acquisition, construction, and rehabilitation of affordable rental housing. • Eligible costs include development hard costs, acquisition costs, and related soft costs. • The program requires a minimum of 15 years of affordability, plus an additional 15-year extension period. • The program is subject to HUD's approval of RIHousing's 3rd Substantial Amendment of HOME-ARP Allocation Plan. • The program has a funding available of approximately $4,000,000. • The program requires a tenant selection plan that includes supportive service housing plan to support the qualifying populations in HOME-ARP units.