Turnkey Affordable Homeownership Program

The Rhode Island Housing and Mortgage Finance Corporation’s Turnkey Affordable Homeownership Program seeks to increase homeownership opportunities for low to moderate income households—specifically those earning up to 100% of the Area Median Income—by supporting developers in constructing or rehabilitating one- to two-family owner-occupied homes within Rhode Island. Developers submit applications to access financing, which is disbursed only upon full project completion, demonstrated through a valid Certificate of Occupancy and the recording of a minimum 15-year deed restriction or ground lease to ensure long-term affordability. The program emphasizes readiness to proceed, requiring construction to begin within four months of funding commitment and home sales to qualifying buyers to close within twelve months. Developer fees are capped at 10% of total development costs to maintain affordability, and proposals are evaluated on criteria such as financial feasibility, team capacity, regulatory compliance including full permitting approvals, and evidence of market demand. The application process is rolling until the end of 2025 or until allocated funding is exhausted, with submissions handled through an online portal. Key program requirements include strict adherence to Rhode Island Building and Fire Codes, as well as environmental standards for abatement of hazardous materials for renovation projects. Developers must provide a suite of documentation during both application and project completion phases, including detailed project proformas, capital stack disclosure, monitoring agent commitment (who oversees buyer income qualification and resale restrictions), permitted plans, environmental compliance reports, inspection findings, contractor guarantees, and lien waivers. The program disallows dual funding from other RIHousing sources for the same project to avoid overlap. Award decisions are made on a first-come, first-served basis, prioritizing projects that meet all threshold and review criteria, but without a formal scoring system or federally standardized contract clauses. Overall, the Turnkey Program offers a structured yet flexible funding approach to encourage expedited development of affordable homes with strong oversight focused on long-term affordability and regulatory compliance within Rhode Island.