Homeownership Investment Fund 2024

RIHousing's Homeownership Investment Fund (HIF) 2024 program offers approximately $2,000,000 in funding to support the construction of new homeownership opportunities across Rhode Island for households earning up to 100% of the Area Median Income (AMI). The program is designed as a competitive, rolling solicitation open through the end of 2025 or until funds are fully allocated. Eligible applicants must demonstrate readiness to begin construction within four months of funding, including securing site control, municipal permits, financial feasibility, and proven development team capacity focused on affordable homeownership projects. Funding awards are capped per unit—$190,000 for homes targeting 80% AMI and $150,000 for 100% AMI—with a maximum development cost of $425,000 per unit and developer fees limited to 8% of total project costs. Additionally, developers may receive no more than five awards within any six-month period, and projects must adhere to a 15-year affordability restriction ensuring owner-occupancy and resale price controls. The application process requires detailed submissions including narrative proposals, project financials, letters of commitment, letters from Monitoring Agents verifying purchase prices, proof of site control, zoning certificates, design plans, and evidence of demand. A Monitoring Agent must be engaged to oversee compliance throughout the affordability period. Proposals are evaluated first through strict threshold criteria—ensuring readiness, financial viability, developer capacity, and demonstrated need—and then by comparative review criteria such as regulatory permitting, cost efficiency, and adherence to program limits. Funding decisions are made on a first-come, first-served basis as applications satisfy all requirements. Inspection and acceptance are conducted by RIHousing, focusing on compliance with construction standards, survey requirements, and affordability program rules. All applications and related documents are submitted electronically through the RIHousing portal. The program does not follow federal contracting clauses, set-asides, or socioeconomic preferences, as it functions as a state-level housing grant initiative aimed at increasing affordable homeownership in Rhode Island.