Section 860-RICR-00-00-1.4 - Allocation of Funds1.4.1Availability of Funds.A. Funds will be available through a Request for Proposals issued by the Commission. Applicants are encouraged to contact the Commission staff to discuss the application process and required documentation needed to facilitate the financing. Capital funds are available in the form of deferred and forgivable loans for rental developments and as forgivable loans for homeownership units with liens to be released upon satisfaction of program requirements and sale to an eligible buyer. Operating funds and funds for services are not available through this Program. At least 30% of the funding will be used to support units benefiting Special Needs households, including, but not limited to, those experiencing homelessness, the disabled and/or the elderly. If, however, the HRC determines inadequate, viable applications serving these subpopulations are submitted at the time of the anticipated final application cycle for available funds, those remaining amounts held-aside for special needs households may be used to support non-special needs proposal.B. Funding shall be the minimum amount necessary for the feasibility of the proposed development.C. Funds will be in the form of deferred and forgivable loans to the applicant provided that the Development remains in compliance with the requirements of the program.1.4.2Eligible Applicants.Generally eligible applicants include all Eligible Developers including non-profit organizations, Community Housing Development Organizations, private for-profit entities, limited partnerships, any of the 39 cities and towns incorporated in the State of Rhode Island and Public Housing Authorities, Redevelopment agencies and any joint venture including one of these entities.
1.4.3Income Targeting.Developments must benefit individuals and families with gross annual incomes at or below 120%, or 80% in the case of renters, of the Median Family Income, adjusted for family size. Proposals targeting lower incomes will receive priority for funding with consideration given to the percentage of lower-income units to overall affordable and market rate units.
1.4.4Leveraging.Developments must leverage additional funds from other public (federal, state, and local) and private funding sources. Priority will be given to proposals that leverage the greatest percentage of the total development cost.
1.4.5Maximum funding.When the development meets the targeting requirements as set forth in the Request for Proposals, applicants may receive capital funding up to the minimum amount necessary for the feasibility of the proposed development. The Commission may develop project and/or unit caps annually.
860 R.I. Code R. 860-RICR-00-00-1.4