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Rhode Island Housing: PROGRAM ANNOUNCEMENT: Acquisition and Revitalization Program

Published on August 1, 2017

Program Announcement

Acquisition and Revitalization Program

Dear Partners:

One of the steps RIHousing is taking to address the state's housing crisis is to open a competitive funding round for the Acquisition and Revitalization (ARP) Program. Approximately $10 million in funding is available to redevelop foreclosed and/or blighted properties; 75% of the funding will be set aside for urban communities. The program will be conducted statewide.

Applicants should review the ARP guidelines and reach out to members of our Development staff for further details (Eric Alexander, ealexander@rihousing.com or Belinda Lill at blill@rihousing.com).

Sincerely,

Barbara Fields

Executive Director

Program Overview:

The Acquisition and Revitalization Program ("ARP") will stabilize neighborhoods and communities by strategically targeting foreclosed and/or blighted residential and commercial properties and vacant lots in need of redevelopment.

ARP provides an incentive to qualified developers to purchase and redevelop foreclosed and/or blighted properties in Rhode Island. Financing is available to non- and for-profit developers, municipalities and public housing authorities. Eligible properties include residential, commercial and vacant lots located in Rhode Island that are determined to be blighted or are foreclosed and that are part of a revitalization plan or strategy.

Funding Announcement (click here)

Summary Guidelines (click here)

Program Review Criteria (click here)

ARP Application (click here)

ARP Proforma (click here)

For questions regarding the program, please contact Eric Alexander, Assistant Director of Development, at ealexander@rihousing.com or Belinda Lill, Program Coordinator/Ancillary Financing at blill@rihousing.com.

Application Deadline: Friday, August 25, 2017 at 4 p.m.