Bid Description
RI Housing and Mortgage Finance Corporation
Bid Number:Predevelopment Loan Program
| 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 |
