Preservation Loan Program Fund

Background
RIHousing is announcing the availability of financing through the Preservation Loan Program Fund (PLF) aimed at preserving existing affordable housing. The program specifically targets multifamily rental housing that has expiring federal rental subsidies from HUD or USDA Rural Development Programs, as well as low-income housing tax credit developments.

The goal is to provide financial support for eligible properties to ensure their continued affordability and maintenance.

Work Details
The RIHousing Preservation Loan Fund (RPLF) will provide financing for eligible properties, with approximately $6 million available to preserve up to 300 affordable apartments. The maximum loan amount is $30,000 per unit or $1,500,000 total.

Funds can be used for 1st or 2nd mortgage financing as part of refinancing or repositioning properties, and for approved capital repairs necessary to maintain properties in good working order. Eligible applicants must submit a preservation application, a description of the proposed scope of work, a proposed budget and project schedule, and evidence of additional funding sources.

Priority will be given to developments currently funded by RIHousing. Properties must meet specific affordability criteria: at least 51% of units rented to households earning 80% or less of median income; or 40% rented to those earning 60% or less; or 20% rented to those earning 50% or less. Additionally, properties must have a demonstrated track record in successful development and management.

Period of Performance
The program accepts applications on a rolling basis as funding is available, with loans expected to be fully advanced within 12 months.

Place of Performance
The contract will be performed in Rhode Island, specifically at RIHousing's office located at 44 Washington Street, Providence, RI 02903.