Rhode Island Housing and Mortgage Finance Corporation

The committee discussed and approved the Proactive Development Program Operating Budget for FY2025-2027, supported by state fiscal recovery funds. A draft business and resources development plan was presented, focusing on four key areas: reviving stalled development projects, identifying property needs and resources, facilitating the development of public lands, and pre-development risk abatement. Additionally, the committee reviewed potential external revenue sources including housing bond funds and grants, discussed the importance of coordinating with external entities like Quonset, and reviewed the December 2024 activity report.

The Board of Commissioners discussed and approved several key initiatives, including the engagement of a firm to evaluate the Health and Housing Pilot Program and the awarding of funding for new projects under the Health and Housing Pilot Program. Additionally, the Board authorized the engagement of a vendor for Business Continuity Plan development and software development services. Further approvals were granted for the commitment of Housing 2030 Program funds for multiple affordable housing developments, a preliminary reservation of HOME-ARP funds for the 183 Washington Street project, and the reservation of Low-Income Housing Tax Credits alongside preliminary financing commitments for the Champagne Heights development.

The committee reviewed and recommended the engagement of Housing Innovations and the Cloudburst Group to provide technical assistance and training for the homeless response system. Additionally, the committee recommended engaging Adoption Rhode Island to serve as the Youth Action Board backbone agency to support youth homelessness initiatives. The committee also held a discussion regarding compliance with the FTC Safeguards Rule, outlining the organization's progress in implementing a Zero Trust security model and its ongoing efforts to protect consumer financial data.

The Board of Trustees discussed the rebranding and retooling of the land bank program into the Non-Profit Acquisition Bridge Loan Program, approving an allocation of up to eight million dollars for its implementation. Furthermore, the Board reviewed and approved the Predevelopment Loan Program, including the authorization of a two million dollar funding allocation to support non-profit developers with activities such as architectural studies, permitting, and site control.

The Board meeting covered a broad agenda, including reports on Homeownership and Development activities, staff transitions, and the approval of various vendors and financing initiatives. Key approvals included the engagement of the Narragansett Indian Tribal Historic Preservation Office for LeadSafe Homes Program consultations, the selection of Reals Projects LLC for radon testing, and the engagement of inspection and laboratory service providers. Additionally, the Board authorized bond issuance, approved penetration testing and security consultation services, and granted preliminary financing commitments for the Lockwood Plaza Phase II and Shalom Apartments rehabilitation projects.