This Solicitation opportunity from Rhode Island was posted on August 9, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.

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Predevelopment Loan Program

Closed

RI Housing and Mortgage Finance Corporation Predevelopment Loan ProgramState & Local

Submission Closed12/31/2024, 12:00:00 AM UTC

Contract Overview

Solicitation details, issuing organization, response deadlines, documents, and interested companies for this government contract opportunity.

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NAICS: 541310

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AI Contract Overview

The Predevelopment Loan Program offered by Rhode Island Housing and Mortgage Finance Corporation provides financial support to developers on a case-by-case basis to cover predevelopment costs associated with housing projects. Eligible expenses include architectural and engineering studies, environmental assessments, permit and approval fees, site control costs such as deposits or option payments, and other predevelopment activities approved by RIHousing. The program also allows for the use of funds to advance project developer fees specifically for development consultants, provided the project secures a permanent loan within 120 days of receiving the advance. Developers interested in accessing these funds must submit a completed application for review by the Predevelopment Loan Committee, which is composed of RIHousing staff. The application process is open until December 31, 2024, and interested parties are encouraged to visit the RIHousing website for detailed information and to submit their requests. The program aims to facilitate the early stages of development by providing necessary financial resources to support critical predevelopment activities, thereby helping to streamline project timelines and improve the likelihood of project success. The solicitation is part of Rhode Island’s broader efforts to promote affordable housing development within the state, with the program categorized under NAICS code 541310, indicating professional, scientific, and technical services related to engineering and architectural services.

General Info

Agency

Rhode Island Housing and Mortgage Finance Corporation

NAICS

541310 - Architectural Services

Place of Performance

RI, USA

Set-Aside

NONE

Documents

RIHousing Predevelopment Loan Program RFP

rfp

High

AI Contract Breakdown

Uniform Contract Format

Timeline

PhaseClosed

PostedAug 9

Solicitation

Response DeadlineDec 31

Deadline has passed

Submission Closed

12/31/2024, 12:00:00 AM UTC

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Organization & Contact Information

AgencyRhode Island Housing and Mortgage Finance Corporation

ContactsNo contacts available

OfficeN/A

Organization / AgencyRhode Island Housing and Mortgage Finance Corporation

Office AddressN/A

ContactsNo contact information available

Full Description

On a case-by-case basis, RIHousing will consider requests for predevelopment resources to Developers (as defined below) for costs associated with predevelopment loan activities. Such activities (“Eligible Uses”) include, but are not limited to:
Architectural and engineering studies, environmental assessments or the costs associated with other Development Professionals; Filing fees and/or costs and expenses incurred in obtaining permits and approvals and applying for public or private grants; Site control costs such as deposits under real estate purchase and sale agreements or to acquire options or extensions of options or purchase and sale agreements on real estate; Other predevelopment loan activities approved by RIHousing. Additionally, RIHousing will consider the use of Predevelopment Loan funds to provide an advance of project developer fee to pay development consultant fees only if the project can demonstrate that a permanent loan closing will occur within 120 days of receipt of the advance.
Developers must submit a completed Predevelopment Loan Application for consideration by the Predevelopment Loan Committee composed of RIHousing staff.
Please visit our website for more details and to apply: https://osa.rihousing.com/funds/79

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