Wednesday, August 16, 2017

Brenda Hayden Named Assistant Director of Homeownership

RIHousing recently announced that Brenda Hayden will manage the corporation’sresidential mortgage loan programs as Assistant Director of Homeownership.

“Brenda’s extensive experience in mortgage banking will be a valuable asset to the corporation as we move forward in our efforts to ensure that all Rhode Islanders have access to housing that meets their needs,” said Barbara Fields, Executive Director of RIHousing. “We are excited to welcome Brenda to the RIHousing team and look forward to working with her.”

Hayden will oversee the day to day underwriting operations and ensure that a wide range of loan programs are developed and implemented. She will also manage RIHousing’s Homebuyer Education program to help homebuyers learn about the buying process and make more informed decisions regarding mortgage options.

Hayden comes to the agency with over three decades of experience in housing finance and most recently served as a Vice President at the Washington Trust Company. Prior to her time at Washington Trust, she held mortgage banking positions at Rhode Island Housing and Mortgage Finance Corporation and AmericaFirst Home Loans.

Citibank Funds Rehab of Providence Apartments

 RIHousing announced its third conduit financing agreement with Citibank – an agreement that will finance the acquisition and rehabilitation of Colony House Apartments in Providence.

Colony House Apartments is a 101-unit development that serves elderly and disabled residents. Under the financing agreement, RIHousing required a long-term use restriction to ensure that the development remains affordable for the next 30 years.

“Our initial financing agreement with Citibank was the first of its kind in Rhode Island and served as Citibank’s entrĂ©e into this market. We are thrilled to bring outside investment to Rhode Island to finance the preservation of much-needed housing,” said Barbara Fields, Executive Director of RIHousing.

Through this financing structure, Citibank will make a direct loan to RIHousing, and RIHousing will issue a tax-exempt note to Citibank. RIHousing will then advance the loan proceeds to the borrower (Standard Property Company) under its tax-exempt bonding authority.

“This agreement is a testament to RIHousing’s success in broadening our partnerships and thinking creatively to attract private investment to our state,” added Fields.

First Down Program Helps 358 Rhode Islanders Put Down Roots

RIHousing’s recently-launched First Down program is already making a huge impact, with 335 Rhode Islanders registering for the program to aid the purchase of their first home. The program provides $7,500 in down payment assistance to eligible first-time homebuyers purchasing a 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.

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.

Click here to learn more about the First Down program.

149 Senior Apartments Preserved Through RIHousing Refinancing

With $12 million in refinancing from RIHousing, 149 senior apartments will remain affordable for 40 years at Saint Elizabeth Place, a housing development for elderly and handicapped individuals in Providence.

“Rhode Island is facing a serious housing shortage – in particular, we project a shortfall in senior housing, a segment of our population that continues to grow,” said Barbara Fields, Executive Director of RIHousing. “This refinancing ensures that much-needed homes for seniors are preserved at Saint Elizabeth Place, which has a stellar reputation for providing quality senior housing.”

The current contract at Saint Elizabeth Place was set to expire in 2023, but with the refinancing, the developer has renewed the contract for 20 years and agreed to extend the affordability for 40 years.

“Expanding and restoring our housing stock – including housing across the range of price points—is an essential part of our effort to grow economic opportunity in Rhode Island,” said R.I. Secretary of Commerce Stefan Pryor. 

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

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.