RIHousing is pleased to announce the opening of competitive
funding rounds for several housing finance programs: the HOME Investment
Partnership Program (HOME) and the Housing Trust Fund (HTF), initiatives of the
U.S. Department of Housing and Urban Development (HUD); and 2018 Low Income
Housing Tax Credits (LIHTC), a program of the U.S. Treasury used in the
financing of construction and/or rehabilitation of properties to be used as
affordable rental homes in Rhode Island. Click here for more
information on the RFPs.
RIHousing anticipates awarding $6 million in HOME and AHT
and the allocation of approximately $2.7 million of LIHTCs. Since 1986,
RIHousing has administered the LIHTC program to finance the development or
preservation of more than 11,500 apartments in 29 cities and towns; since 1992,
the corporation has invested over $94.5 million in HOME funding for housing
production and rehabilitation in all 39 Rhode Island cities and towns. HOME
funding is a flexible tool for developing homes for Rhode Islanders earning no
more than 80% of AMI, which is about $52,000 for a family of three.
“A healthy housing market is key to future economic growth
and vibrant neighborhoods where people want to live and work,” said Senator
Jack Reed, who wrote the law creating the National Housing Trust Fund in 2008.
“These federal funds will help the state preserve and increase the number of
affordable homes and address the housing crunch.” Reed is a senior member of
the Banking Committee, which has jurisdiction over HTF and HOME programs, and
is the Ranking Member of the Appropriations Subcommittee on Transportation,
Housing and Urban Development, and Related Agencies (THUD), which appropriates
funds for the programs.
HTF is a new affordable housing production program that will
complement existing federal, state and local efforts to increase and preserve
the supply of affordable housing. This is the first time HTF funds have been
awarded in Rhode Island.
