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Homeownership Investment Fund (HIF) Funding (RIHousing)

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RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION
REQUEST FOR PROPOSALS
Homeownership Investment Fund (“HIF”) Funding
Application Deadline EXTENDED: 4 p.m. Friday, April 17, 2020
RIHousing announces the opening of a competitive funding round for Homeownership Investment
Fund (“HIF”) funding. Approximately $1,379,341.00 in funding is available to increase the
construction of new homes. The program will be conducted statewide. Income of households that
occupy newly constructed or redeveloped residential properties is limited to 120% of Area Median
Income (“AMI”).
Applicants should review the HIF guidelines, which set forth the Threshold Criteria and
Priorities which will be used to evaluate applications.
APPLICATION PROCESS:
• There is only one acceptable application form. It is posted on the RIHousing website at
www.RIHousing.com/rfps-rfqs.
• Incomplete applications and those omitting requested documentation will not be evaluated.
• Applicants must submit one (1) electronic copy of the application.
• Applicants may submit proposals for more than one project.
APPLICATION SUBMISSION:
All applications are due by 4:00 p.m. on Friday, April 17, 2020.
One (1) electronic copy must be submitted to:
Belinda Lill, Program Coordinator/Ancillary Financing, blill@rihousing.com
For information on the HIF program, contact Eric Shorter at (401) 457-1219 or
eshorter@rihousing.com.
Application for Homeownership Investment Fund
(“HIF”)
Application Deadline: 4:00 p.m., Friday, April 17, 2020
Applicant Name: _______________________________________________________________
Please indicate the amount of funds you are requesting:
HIF Funds Requested:
$__________________
Property is: Vacant Land Foreclosed property Blighted property
Existing building Vacant Year built: ____
To be demolished: Yes No
Please note: Development within a 100-year Flood Zone (A, AE), demolition of historic buildings and
development upon environmentally sensitive land is prohibited.
Per application checklist, provide FEMA map.
Application Instructions:
Submit one (1) electronic copy* of the application (including all spreadsheets and attachments) to:
Belinda Lill
Program Coordinator/
Ancillary Financing
blill@rihousing.com
Project must commence within six (6) months of approval of HIF funding.
DEVELOPER FEES AND/OR PROFITS ARE LIMITED TO 10% OF THE TOTAL
DEVELOPMENT COST OF THE PROJECT NOT INCLUDING DEVELOPER FEES.
USE OF AN APPLICATION OTHER THAN THIS VERSION WILL RESULT IN THE
APPLICATION BEING RETURNED WITHOUT REVIEW.
1. Applicant Information
Organization: _______________________________________________________________
Ownership entity if different from above: __________________________________________
Address: ___________________________________________________________________
City/Town: ______________________________ State:__________Zip Code: ___________
Tax ID: ______________________ Agency DUNS # (if applicable):__________________
Chief Executive Officer:_______________________________________________________
Contact Person:__________________________ Title: _______________________________
Telephone: __________________ Fax: ___________________ Cell: ___________________
E-mail Address: ___________________________________________________________
Type of Organization:
Housing Developer Organization is: non-profit for-profit
Other: ________________________________________________________
2. Project Location
Project Name: ______________________________________________________________
Street Address:* _____________________________________________________________
City/Town: ______________________________________ Zip Code: _________________
Plat: __________ Lot(s): ___________ Census Tract: __________ Block Group: __________
*for multiples attach a separate list of addresses.
3. Project Involves (check all that apply):
New construction
Rehabilitation
Demolition Acquisition
Applicants must demonstrate that the project will commence within six (6) months of approval of
funding. The proposal’s initial readiness to proceed will be assessed, and all applicants must
demonstrate readiness to proceed throughout the process.
4. Development Team Information
a) Strength of development team. Please be specific. Describe experience developing homeownership
opportunities (affordable, market) by providing a brief history of completed projects. Please provide
evidence of satisfactory progress of projects previously funded with RIHousing resource (if applicable).
5. Write a comprehensive narrative description addressing each of the following issues (use separate
headings):
a) Objectives and beneficiaries of proposal. Please be specific. Describe status of plans and specs and
approvals (zoning, building permit, etc.) by municipal permitting bodies and state regulatory agencies
for the project. Please provide a development schedule including projected date of commencement of
activities (e.g., construction) and timetable for completion.
b) Demonstrate that the proposed project is financially feasible. Provide Total
Development Cost (“TDC”) per home/unit (for residential or mixed-use proposals) or for project
(for public space, community facility and other proposals). Describe project leveraging (i.e., percent of
TDC to HIF funding). List all other committed state, federal and other funds (including other gap
funding sources). HIF funds should be the last funding to be committed.
c) Discuss location and impact on surrounding community. Describe the existing conditions of the
neighborhood, demographic trends and local need.
d) Discuss inclusion of any sustainable and green components and/or design and energy efficiency.
Agreement and Certification
The undersigned specifically agrees that the funds requested by this application will be secured by a Mortgage and a
Deed Restriction on the property described herein and that RIHousing, its agents, successors and assigns make no
representations or warranties, express or implied, to the Applicant regarding the property, the condition of the
property or the value of the property.
I verify that the information in this application is true and correct. I understand that false statements herein are subject to the penalties
of Rhode Island Law relating to unsworn falsification to authorities.
Organization Name:
By: _______________________________ Title: _______________________________
Print or type name
Signature:_____________________________________ Date: ____________________
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Application Checklist
Attach in this exact order (please use section tabs for all applications):
Application (signed and dated)
Narrative proposal description
Project Sources and Uses
Letters of funding commitment
Resumes of all key development staff & team
Provide proof of organization’s creditworthiness
through financial compilation or audit
Evidence of site control
Property Deed and legal description of the property
Include Plat, Lot and zip codes for all addresses
Photographs of property
Evidence of zoning approval
FEMA flood map for each address
Design Plans and Specs
Detailed construction estimates
prepared by qualified professionals.
Evidence of demand or need for the project
through market analysis or study, local demographics, etc.
Site location map (location and surroundings)
Please ensure consistency between application, narrative, sources and uses, and
plans & specs.
RIHousing
Homeownership Investment Fund (“HIF”)
PROGRAM REVIEW CRITERIA
In awarding HIF resources, RIHousing has identified the following priorities:
1. Increase the construction of new homes for households at or below 120% of area median income
(“AMI”). Middle-income households are generally recognized as housing that is available for
purchase to households earning between 80% - 120% AMI. For the Providence area, this would
be between $58,950.00 and $88,440.00 for a three (3) person household (Source: U.S.
Department of Housing and Urban Development FY2019- Income Limits);
2. Rehabilitation of blighted properties for homeownership;
3. Suitable site and design with appropriate scope of rehabilitation or construction;
4. Projects that incorporate smart growth and sustainable development principles;
5. Proposals that achieve these goals at the lowest cost.
To best achieve these goals, RIHousing has established four (4) threshold criteria that must be met
before a proposal will be considered for HIF funding:
1. The development activity will commence within six (6) months of approval of funding.
2. Applicant must demonstrate that the development is financially feasible.
3. Applicant must demonstrate the experience and capacity to complete and market for-sale
housing.
4. Applicant must demonstrate the need or demand for the project through market analysis, local
demographics, existing demand for the project, etc.
Generally, only proposals that satisfy the Threshold Criteria review (as set forth below) will be further
considered under the Scoring Criteria (as set forth below). RIHousing will record a fifteen (15) year
restriction on properties assisted under the HIF. RIHousing will have an opportunity to provide the
construction financing or match any terms from other lenders.
A. Threshold Criteria
1) Readiness to Proceed: Applicant must demonstrate that development of affordable homeownership
opportunities for middle-income households will commence within six (6) months of funding. To be
awarded and maintain a funding reservation, all applicants must demonstrate readiness to proceed
throughout the process. An assessment of a proposal’s initial readiness to proceed will be made based
upon the applicant’s ability to achieve the following: obtain all written land use and zoning approvals and
building permits; evidence of site control; secure all funding commitments; and demonstrate financial
feasibility.
RIHousing will use its best professional judgment in evaluating an application for readiness to proceed.
Staff will consider the applicant’s past performance in meeting permitting, funding and closing deadlines.
2) Financial Feasibility: The applicant must demonstrate that the proposal is financially feasible.
RIHousing reserves the right to deny funding of proposals for which adequate funding commitments
have not been secured for all development costs.
3) Development Team Capacity: The development team must have experience in the successful
development and sale of affordable homeownership opportunities. The development team will be
evaluated on its professional capacity to plan, build, market, and sell the proposed home(s). Each team
member is expected to demonstrate satisfactory prior experience on projects of similar scale and
complexity; to have satisfactory professional references; and to devote sufficient staffing and resources to
complete the proposed project. The applicant will also be evaluated for creditworthiness and financial
capacity.
4) Demonstration of Need or Demand: The applicant must demonstrate the need or demand for the
project through market analysis, local demographics, existing demand for the project, etc.
RIHousing reserves the right to deny funding to any proposal where (i) any materially participating entity
is not in good standing regarding compliance monitoring of other RIHousing funded projects; or (ii) any
partner, developer or other key development team member has been determined by RIHousing to be not
creditworthy. Creditworthiness takes into consideration the financial condition of an organization and
management capabilities. RIHousing will review each applicant’s most recent audit to ensure financial
capacity to develop the project.
B. Scoring Criteria
Residential Point Allocation Summary
25 points General
20 points Total Development Costs (“TDC”) per home/unit
15 points Household Income Levels
15 points Financing Points
15 points Community Impact
10 points Local Need
100 Total Points
GENERAL POINTS – Up to 25 Points
Up to 10 points - Utilizing Rhode Island based and MBE/WBE firms.
• 5 points for owner/applicant that utilizes a Rhode Island based General Contractor to construct
the project.
• 3 points for owner/applicant that certifies in the application to require that up to 75% of the
sub-contractor contracts be awarded to Rhode Island based construction firms.
• 2 points for owner/applicant that certifies in the application to require up to 10% MBE/WBE
utilization rate.
Up to 10 points - Development that at the time of application is permitted by all applicable regulatory
agencies including: municipal permitting bodies (local planning, zoning and building permit approvals)
and state regulatory agencies (Department of Environmental Management and Coastal Resources
Management Council). Projects must demonstrate readiness to proceed within 6 months of
funding.
• 10 points for a project that has 100% plans and specifications and building permits secured or
no building permits required
• 8 points for a fully permitted development that has building permits secured and specifications
are at least 75% complete and architect confirms in writing that the plans and specifications can
be 100% complete within 30 days
• 5 points for master, preliminary and final plan approval for development. Points will be
prorated based on approvals in place at time of application.
Bonus: Up to 5 points - HIF is the last funding source needed to commence the project.
TOTAL DEVELOPMENT COST (“TDC”) PER HOME/UNIT - Up to 20 points
<$200,000 20 points
$201,000 - $225,000 15 points
$226,000 - $250,000 10 points
$251,000 - $275,000 5 points
>$275,000 0 points
HOUSEHOLD INCOME LEVELS – Up to 15 Points
• Homes developed for households at or below 80% of AMI 15 points
• Homes developed for households at or below 100% of AMI 10 points
• Homes developed for households at or below 120% of AMI 5 points
HIF FINANCING – Up to 15 Points
< $25,000 per home/unit 15 points
$26,000 - $50,000 per home/unit 10 points
$51,000 - $75,000 per home/unit 5 points
>$76,000 per home/unit 0 points
COMMUNITY IMPACT - Up to 20 Points
• 15 points - A property which is located within a community with less than 10% affordable
housing as defined by state law
• 10 points - A property in an exempt community with less than 10% affordable housing as defined
by state law: Cranston, East Providence, North Providence, Pawtucket, Warwick, or West
Warwick
Bonus: Up to 5 points - If project integrates green and sustainable components and energy
efficiency.
LOCAL NEED - Up to 10 Points
• 10 points - New construction that creates additional affordable homes on foreclosed, abandoned,
vacant or difficult-to-develop lots;
• 5 points - The project must demonstrate that construction or rehabilitation corrects existing
physical and health and safety conditions.
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Completed 28 June 2021

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