Bid Description
RI Housing and Mortgage Finance Corporation
Bid Number:RFP - ERA2 Predevelopment Program and ERA2 Site Ac
| Description |
| RIHousing announces the availability of funding under the ERA2 Predevelopment
Program (“ERA2-PD”) and ERA2 Site Acquisition Program (“ERA2-SAP”).
The purpose of the ERA2-PD is to provide funding to help qualified developers pay for predevelopment costs associated with the development of deed restricted housing
The purpose of ERA2-SAP is to provide grant funding for the acquisition of properties for future redevelopment of affordable and supportive housing
Both funds can only be used to support the development of housing serving households with incomes below 50% of area median income (“AMI”). For developments with a mix of incomes, the ERA-2 funds may only be used to support the pro rata cost of the 50% AMI component of the project.
In addition, applicants must demonstrate they can close by May 31, 2025
The source for both funds are the ERA2 Supplemental Development Financing Program, an Emergency Rental Assistance Program (“ERAP,” more specifically “ERA2”), which is funded through the American Rescue Plan Act of 2021. All projects are required to comply with federal ERA2 guidance, including Treasury Guidance FAQ #46.
For more information on both programs and to apply, visit www.rihousing.com/rfps-rfqs/. |
