This Solicitation opportunity from Rhode Island was posted on November 19, 2024. The submission period has ended. Browse the details below for market research, or find similar active opportunities.
Request for Proposals: ERA2 Predevelopment Program and ERA2 Site Acquisition Program
Contract Overview
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The contract involves funding opportunities through the ERA2 Predevelopment Program (ERA2-PD) and ERA2 Site Acquisition Program (ERA2-SAP), both aimed at supporting the development of affordable and supportive housing in Rhode Island. ERA2-PD provides financial assistance to qualified developers to cover predevelopment costs necessary for housing projects, while ERA2-SAP offers grants for property acquisition intended for future redevelopment. Both programs are restricted to projects serving households with incomes below 50% of the area median income, with provisions for projects with mixed-income components to allocate funds proportionally. Applicants must demonstrate the ability to close deals by May 31, 2025, and all projects must adhere to federal ERA2 guidelines, including Treasury guidance FAQ #46, as the funds are sourced from the ERA2 Supplemental Development Financing Program under the American Rescue Plan Act of 2021. The solicitation, issued by the Rhode Island Housing and Mortgage Finance Corporation, was posted on November 19, 2024, with a response deadline of November 18, 2025. The contract size ranges from five million to twenty million dollars, reflecting the scale of potential projects. Interested parties are directed to the official website for detailed application procedures and further information. The funding aims to facilitate the development of affordable housing solutions in Rhode Island, emphasizing compliance with federal guidelines and timely project completion.
General Info
Place of Performance
RI, USASet-Aside
Documents
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Timeline
Submission Closed
Organization & Contact Information
Full Description
Program (“ERA2-PD”) and ERA2 Site Acquisition Program (“ERA2-SAP”).
The purpose of the ERA2-PD is to provide funding to help qualified developers pay for predevelopment costs associated with the development of deed restricted housing The purpose of ERA2-SAP is to provide grant funding for the acquisition of properties for future redevelopment of affordable and supportive housing Both funds can only be used to support the development of housing serving households with incomes below 50% of area median income (“AMI”). For developments with a mix of incomes, the ERA-2 funds may only be used to support the pro rata cost of the 50% AMI component of the project. In addition, applicants must demonstrate they can close by May 31, 2025 The source for both funds are the ERA2 Supplemental Development Financing Program, an Emergency Rental Assistance Program (“ERAP,” more specifically “ERA2”), which is funded through the American Rescue Plan Act of 2021. All projects are required to comply with federal ERA2 guidance, including Treasury Guidance FAQ #46. For more information on both programs and to apply, visit www.rihousing.com/rfps-rfqs/.
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