Homeownership Investment Fund 2024

Background
RIHousing is opening new funding opportunities under the Homeownership Investment Fund (HIF) program, with approximately $2,000,000 available to increase the construction of new homeownership opportunities across Rhode Island.

The program aims to assist households whose income does not exceed 100% of Area Median Income (AMI). Proposals will be reviewed on a rolling basis, and RIHousing will impose a fifteen-year restriction on properties assisted under the HIF.

Work Details
The HIF program provides funding for the construction of affordable homeownership opportunities.

Applicants must demonstrate readiness to proceed within four months of funding, and projects must not exceed a total development cost of $425,000 per unit. The maximum developer fee is capped at 8% of total development costs. Specific financing limits include $190,000 for homes at 80% AMI and $150,000 for homes at 100% AMI.

Developers can receive a maximum of five awards for for-sale homes within any six-month period. Applications must include a narrative proposal, project sources and uses, letters of funding commitments, evidence of site control, zoning certificates, design plans, and proof of creditworthiness.

Period of Performance
The contract period requires that construction commence within four months of receiving funding.

Place of Performance
The contract will be performed in Rhode Island.