To preserve the architectural heritage of providence and stimulate community revitalization through advocacy, lending and development in historic areas.
Neighborhood loan program - the neighborhood loan fund is comprised of restricted funds from such contributors as the rhode island historical preservation and commission, city home funding, the unitarian universalist association, and prf assets. The fund provides financing to homeowners with homes that are over 50 years old to repair their properties. The program offers loans up to $50,000 for exterior repair/renovation/preservation. Loans are available for both owner occupied and rental properties. Our loans are designed to meet the financial capacity of the borrower with flexible terms. Twelve new loans to owner-occupied residential homes were closed for house restorations in providence, totaling $562,573 of investment.
Opportunity investment fund:prf launched the opportunity investment fund in 2019 to attract and pool private and public capital for affordable homeownership and rental housing projects undertaken by individual owners, non-profit cdcs, and larger for-profit developers. Qualified projects may include but are not limited to new construction or rehab of multifamily projects with or without low-income housing tax credits (lihtc); infill housing, redevelopment, or other cdc-sponsored projects that are responsive to neighborhood needs. Our lending goals for this program are to stimulate property redevelopment in underinvested neighborhoods, to facilitate opportunities for lmi households to live in areas of high opportunity and to incentivize forprofit developers to participate in filling the need for affordable units, especially for those serving households between 60%-140% of ami.