Development of Affordable Housing in Cranston

Background
The Rhode Island Housing and Mortgage Finance Corporation (RIHousing) is seeking proposals from qualified firms for the development of affordable housing at 1739 Broad Street, Cranston, RI 02905. The property is owned by RIHousing's subsidiary, the Rhode Island Housing Development Corporation (RIHDC). The goal of this contract is to acquire the property and complete the development process under a development agreement with RIHousing and/or RIHDC.

Work Details
The successful respondent will acquire a multi-family residential property consisting of six rental units. They will be responsible for planning and executing all aspects of the development process. The acquisition price is approximately $421,700, plus any carrying costs and maintenance costs incurred by RIHDC.

If the developer opts to lease to Thresholds-eligible Tenants (those with intellectual disabilities or behavioral health issues), they must execute a new use restriction agreement, which will reduce the acquisition price by the amount of the Thresholds Grant. Alternatively, developers may propose other target populations and supportive services but must provide detailed outreach strategies and written agreements with service partners. If not leasing to Thresholds-eligible Tenants or approved populations, the full acquisition price must be paid.

Period of Performance
The proposals are due by 3:00 p.m. EST on November 21, 2024, with a mandatory walkthrough scheduled for November 7, 2024.

Place of Performance
The contract will be performed at 1739 Broad Street, Cranston, RI 02905.