Funding for the Development of Affordable Homes

The Rhode Island Housing and Mortgage Finance Corporation (RIHousing) is seeking proposals for the development of affordable homes in Rhode Island. The funding round includes multiple sources of financing, such as Low Income Housing Tax Credits (LIHTC), tax-exempt bond financing, and various other programs. The programs have different requirements and priorities, including the creation of new affordable units, preservation of existing housing, and support for low- and moderate-income individuals and families. The proposals must be submitted through the RIHousing Consolidated Application system, and applicants must identify the sources of funds for which they are applying. Some key points to consider: • The 9% LIHTC program has an annual allocation of approximately $3.5 million. • The Housing Production Fund (HPF) has approximately $1.5 million available for production. • The HOME Investment Partnerships Program has approximately $3 million available. • The Housing Trust Fund has approximately $3 million available. • The Housing 2030 programs have various funding amounts available for different initiatives, such as permanent supportive housing, small-scale rental, and affordable rental housing new development.