Bid Description
RI Housing and Mortgage Finance Corporation
Bid Number:RFP Site Acquisition Program
| Description |
| RIHousing announces the availability of grant funding under the Site Acquisition Program – 2 (SAP2) which is being funded through the Coronavirus State and Local Fiscal Recovery Funds (SLFRF) pursuant to Section 602 of the American Rescue Plan Act of 2021, P.L 117-2 (the “Act” or “ARPA”) funds.
The State General Assembly appropriated a portion of its SLFRF funds, to the Rhode Island Executive Office of Commerce (the “EOC”) to be allocated by RIHousing for the acquisition of properties for redevelopment as affordable and supportive housing. On or about July 1, 2023, $10,000,000 will be available to provide grants for the acquisition of properties for future redevelopment of affordable and supportive housing. All SAP grant-funded properties will be secured by a land- use restriction ensuring affordability for a minimum of 30 years.
Funding at this time is contingent upon the transfer of the SAP Funds from the EOC to RIHousing for the administration of the SAP grants to qualified developers including nonprofit and for-profit developers, municipalities, and public housing authorities. Applicants for SAP Funds should carefully review the objectives of the SLFRF, the Act and the Department of Treasury’s regulations and guidance. |
