Wednesday, June 28, 2017

Reverse Mortgage Assistance Offers Eligible Seniors Up to $50,000 to Avoid Foreclosure

RIHousing has announced a new Reverse Mortgage Assistance program to provide financial assistance to help senior homeowners with reverse mortgages who are facing foreclosure.

Reverse Mortgage Assistance offers up to $50,000 to eligible seniors with reverse mortgages who are behind on their property charges. Funding received through the program can be used to pay property taxes, homeowners’ insurance and homeowners’ and/or condo association dues and other property-related charges.

The program is funded through the Hardest Hit Fund Rhode Island (HHFRI) and administered through Rhode Island Housing. The U.S. Treasury provides Hardest Hit program funds to Rhode Island Housing to help prevent foreclosures and stabilize the housing market.

HHFRI is only available to homeowners who have a documented qualifying financial hardship and have exhausted all options to avoid foreclosure.

To apply for Reverse Mortgage Assistance or learn more about Rhode Island Housing’s Hardest Hit Fund programs, please visit https://hyperlink.services.treasury.gov/agency.do?origin=www.HHFRI.org.

RIHousing Connects with New Partners at Development Meet & Greet

RIHousing’s Development staff forged new partnerships with Rhode Island’s architects, electricians, contractors and landscapers at its first-ever Development Meet & Greet event.

RIHousing’s staff shared their expertise on leveraging a variety of funding sources to build and develop housing. The event was also an opportunity to link local housing developers with RI-based subcontractors, engineers and other small businesses.

“At RIHousing, we believe that housing is a critical piece of the puzzle in building  the state’s economy. In addition to building the talent pool, we need to ensure that our workforce has enough housing options,” said Barbara Fields, Executive Director of RIHousing. “When we build houses, we’re creating jobs – construction workers, architects, electricians – and bolstering the economy.”

Rhode Island Secretary of Commerce, Stefan Pryor, attended the event and shared information on RI Commerce programs available to help Rhode Island businesses grow.

60 King Street Development Breaks Ground in Providence

RIHousing, joined by Governor Gina Raimondo, Providence Mayor Jorge Elorza, State Representative Raymond Hull and Acting Providence City Council President Sabina Matos recently celebrated the groundbreaking of 60 King Street in Olneyville.

Located at the site of the former Imperial Knife Factory, 60 King Street builds upon significant reinvestment in the neighborhood that has occurred over the last decade. The restoration will create 60 apartments and reconnect the building and the street to the surrounding neighborhood. The total cost for the redevelopment is approximately $21.9 million.

“This development represents another important step in our collective efforts to expand Rhode Island’s housing stock,” said Barbara Fields, Executive Director of RIHousing. “60 King Street is a great example of how investment in housing can used to build housing and revitalize communities, all while creatingjobs and strengthening the economy.”

Financing for 60 King Street includes $900,000 of federal Low Income Housing Tax Credits (which will leverage $9.35 million in private equity from RBC Capital), a $6.5 million tax-exempt loan, a $500,000 State of Rhode Island Housing Preservation and Production Program loan and $500,000 in HOME funding, as well as financing from LISC.

Wednesday, May 24, 2017

RI-Refi Program Helps Homeowners Refinance into a New Home

RIHousing’s new RI-Refi program is now available to help homeowners who owe more than the current market value of their home to refinance into a new loan. Eligible homeowners can get up to $75,000 (forgivable over three years) to reduce the amount owed on any mortgage.

In order to be eligible for the program, homeowners must meet the following qualifications:

  • Must owe more than 110% of the home’s current value
  • Live in the home as primary residence
  • Current on mortgage for the last 12 months
  • Qualify for a new RIHousing first mortgage
  • Meet RIHousing loan and income limits
  • Minimum credit score of 640
  • First and second mortgage balances are eligible

The RI-Refi program is available statewide through RIHousing’s network of participating lenders and the RIHousing Loan Center. Connect with one of them today for more details:




RIHousing Invests Federal Funding to Attract Private Investments for Communities Across RI

RIHousing recently announced the recipients of more than $2.4 million in federal HOME funding, as well as $2.9 million in federal Low Income Housing Tax Credits (LIHTCs) to provide rental and homeownership opportunities in rural, suburban and urban communities. The funding is targeted to the development of  homes in Burrillville, Richmond, Charlestown, Barrington and Providence.

“The HOME program, combined with the use of LIHTCs, enables local developers to attract $28.8 million in private investment and build 137 much-needed homes across our state,” said Barbara Fields, Executive Director of RIHousing. “I’m especially pleased by the geographic diversity of these developments, which offer a range of housing options throughout our state.”

Information about each of the developments can be found below:

Fernwood (Phase II)
Fernwood is a NeighborWorks Blackstone River Valley development and was approved for a $485,436 HOME loan to construct eight new homes for first-time homebuyers. This is the second phase of 30 planned homes, which also received funding from USDA Rural Development.

Shannock Falls
Shannock Falls, which is being built on two sites in Richmond and Charlestown, was approved for a $500,000 HOME loan, as well as over $1 million in LIHTCs, which will leverage more than $9.2 million in private investment from Red Stone Equity Partners. The developer, Women’s Development Corporation, will build 32 apartments in Richmond and 11 homes in Charlestown. The project will support 77 construction jobs.

Palmer Pointe
Palmer Pointe, being built by East Bay Community Development Corporation in Barrington, was awarded a $775,500 HOME loan and $919,472 in LIHTCs, which will leverage more than $8.4 million in private equity from Red Stone Equity Partners. The project will include 46 apartments and create 58 construction jobs.

Maplewoods Apartments
Maplewoods Apartments is a SWAP, Inc. development located in the Manton neighborhood of Providence. RIHousing approved a $703,727 HOME loan, as well as $970,000 in LIHTCs, which will leverage more than $9.1 million in private equity from LISC’s National Equity Fund. The development will create 40 apartments and support 72 construction jobs.

First Down Program Offers $7,500 Down Payment Assistance for First-Time Homebuyers

RIHousing recently launched its First Down program, which provides $7,500 in down payment assistance to eligible first-time homebuyers purchasing any home in one of six Rhode Island communities.

The First Down program is structured as a forgivable loan and targets the six communities most affected by the foreclosure crisis: Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket..

“For many prospective homebuyers, the biggest challenge is saving for a down payment,” said Barbara Fields, Executive Director of RIHousing. “This forgivable loan eliminates yet another barrier to homeownership for working Rhode Islanders. We’re thrilled to launch the First Down program, which continues our work to strengthen Rhode Island’s economy.”

The down payment assistance is available to first-time homebuyers purchasing a one- to four-family home or condominium. The property must be the buyer’s primary residence, and buyers must obtain a RIHousing first mortgage through one of 35 participating lenders or RIHousing.
  
RIHousing estimates that more than 530 homeowners will be served through this program, which is funded by the U.S. Department of the Treasury.

Fields recently sat down with the Rhode Show to discuss the new program and who may be eligible. Watch the full interview here:



Click here to learn more about the First Down Program.

Monday, May 8, 2017

ICYMI: RIHousing Contributes $650 Million to Local Economy, Issues Record-Breaking 1,625 Mortgages

RIHousing recently released its 2016 Annual Report, which highlights the corporation’s record-breaking year.

With an overall economic impact of $657 million in the state's economy throughout 2016, RIHousing helped 1,625 Rhode Islanders purchase a home – the highest one-year total in its history and almost 30% higher than the previous year.

“Housing is a critical component of a healthy economy,” said Barbara Fields, Executive Director of Rhode Island Housing.  “Housing investments strengthen our workforce, bolster our state's construction and real estate industries and ensure that every Rhode Island family has a home that meets their needs.”

“RIHousing is positioned to continue strengthening our communities and our economy in 2017,” Fields added. “We look forward to working with all our partners to assist more Rhode Islanders.  Investing in homes. Creating jobs. Retaining and attracting talent.”

Click here to read the full report.