RIHousing- Extremely Low-Income Operating Reserve (RIH-ELI) Program

The RIHousing- Extremely Low-Income Operating Reserve (RIH-ELI) Program aims to provide operating reserve funds to support the creation and preservation of affordable rental housing for extremely low-income individuals and families. The program prioritizes proposals that target units with 2+ bedrooms for families referred from the Coordinated Entry System, developments with 10% or more of dwelling units dedicated to serve households earning 30% AMI or below, and owners with a track record of working with experienced social service/homeless service providers. Eligible applicants include non-profit organizations, Community Housing Development Organizations, private for-profit entities, limited partnerships, and Public Housing Authorities. The program requires a minimum term of affordability of 30 years and repayment of funds if the development is not operated to provide direct benefit to extremely low-income persons for a minimum of 10 years. Key aspects of the program include: • Eligible costs: direct operating reserve funds to offset operating costs for units serving households earning 30% of AMI • Eligible residents: individuals and families with gross annual incomes at or below 30% AMI • Rent: established at 30% of gross monthly income minus utility allowances, or the minimum rent as defined under Section 2.6 • Application process: applications will be reviewed by RIHousing staff to determine eligibility, capacity of applicant, and financial feasibility of the proposal