Section 860-RICR-00-00-1.1 - PurposeA. The purpose of these rules and regulations is to govern BUILDING HOMES RHODE ISLAND Program (the "Program"). The primary purpose of the Program is to provide Eligible Developers with resources to finance the creation and preservation of affordable homes and apartments. These Regulations establish procedures and conditions for the Housing Resources Commission's (the Commission) approval of this financing. The Program is designed to encourage the production and preservation of rental housing and the development and preservation of homeownership opportunities through the allocation of financing from the State as approved by the electorate most recently on November 8, 2016.B. The Commission will provide deferred and forgivable loans for the financing of rental developments and forgivable loans for the development of homes to be owner occupied. These Regulations set forth criteria established by the Commission for the Program.C. Approval of proposals under this Program is subject to availability of funds.860 R.I. Code R. 860-RICR-00-00-1.1