RIH: Funding Announcement

Program Announcement:
Acquisition and Revitalization Program

RIHousing announces the opening of a competitive funding round for Acquisition and Revitalization Program (“ARP”) funding. Approximately $4.74 million in funding is available to redevelop blighted properties; 75% of the funding will be set aside for urban communities. The program will be conducted statewide.

Program Overview:

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

ARP provides an incentive to qualified developers to purchase and redevelop 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 and that are part of a revitalization plan or strategy.

Funding Announcement
Summary Guidelines
Program Review Criteria
ARP Application
ARP Proforma

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: 5 p.m. EST, Friday, April 26, 2019