Homeownership Investment Fund 2024

The Homeownership Investment Fund RFP 2024 aims to increase the construction of new homeownership opportunities across Rhode Island. Approximately $2,000,000 in HIF funding is available, and applications will be accepted on a rolling basis. The income of households that can occupy these newly constructed or redeveloped residential properties cannot exceed 100% of Area Median Income. Proposals will be reviewed based on Threshold Criteria and Review Criteria, including readiness to proceed, financial feasibility, development team capacity, and demonstration of need or demand. Key requirements include: • Readiness to proceed with construction within four months of funding • Financial feasibility with secured funding commitments • Development team capacity with experience in affordable homeownership opportunities • Demonstration of need or demand for the project • Compliance with RIHousing's monitoring and reporting requirements