Rhode Island Housing and Mortgage Finance Corporation

The meeting focused on several key funding decisions and program reviews. Key discussions included the approval of financing under the Preservation Loan Program Fund (PLPF) for the Sweetbriar development in Barrington, involving an amount not to exceed $1,406,000 for preservation and renovation efforts. Additionally, the Trustees approved funding awards totaling $661,893 under the Homeownership Investment Fund (HIF) program for new construction projects in South Kingstown and Westerly, which will result in five assisted units. Finally, funding awards totaling $1,503,431 were approved under the Turnkey Affordable Homeownership Program for ten condominium units in Lincoln, despite the program being temporarily suspended for potential modifications. The board also addressed technical procedures for recording and accessing the meeting.

The agenda for this meeting includes the approval of the Non-Profit Acquisition Bridge Loan Program Outline and Terms, as well as the approval of the Predevelopment Loan Program Outline and Terms. The meeting is open to the public via telephone conference call.

The Board of Commissioners meeting included a review of recent activities and trends, noting strong first mortgage closings in 2025 despite limited inventory, and an increase in seriously delinquent single-family loans. Staff highlighted the review of 42 applications for the 2026 Affordable Housing Development Request for Proposals and the HUD High Performer designation received by the Housing Choice Voucher team. Upcoming events included celebrations for new affordable housing developments in Woonsocket and Pawtucket/Central Falls. The CFO reported on FY2025 investment income, noting a clean opinion from external auditors and detailed the use of net income for servicing rights and other investments. Discussions involved the stability provided by owning servicing rights and income allocation. A programmatic update showed the agency meeting most rating agency benchmarks, though the equity-to-assets ratio was flagged. Development closed five transactions in Q4, exceeding new production goals but falling short on preservation goals. The Board approved the engagement of Housing Innovations and Cloudburst Group to provide technical assistance and training for the Rhode Island Homeless Response System stakeholders, which will involve designing case management training and developing support tools. Furthermore, the Board approved contracting with Adoption Rhode Island to serve as the Youth Action Board Backbone Agency to support youth leadership development within the Continuum of Care.

The meeting agenda includes the approval of the minutes from the January 22, 2026 Board Meeting, remarks from the Chairwoman, and a review of recent activities and trends by the Executive Director, covering updates on Homeownership Activity and Development Activity. Key action items slated for approval are the Purchase of Microsoft Enterprise Licenses and the Engagement of Consultant (Housing Innovations LLC) for the 2026 Continuum of Care Program Competition.

The regular meeting of the Board of Commissioners involved several key actions. The Board approved an amendment to the Charitable and Civic Donations Policy, adjusting thresholds for Executive Director approval of event expenditures to account for increased costs, while maintaining transparency through quarterly reporting. Approvals were also granted for retroactive and ongoing external charitable donations and contributions made throughout 2025. Furthermore, the Board approved funding for the Fiscal Year 2026 Michael S. Van Leesten Memorial Awards Program, involving a donation to the Rhode Island College Foundation. The engagement of Turner & Townsend to conduct a lean process improvement for the Design & Construction Department was approved, aiming to enhance efficiency. Guidelines for the new Surplus Property Land Bank Program were adopted, including an authorization for up to $5 million in allocation for property acquisition. Finally, the Board granted firm approval for tax-exempt construction financing for the Sweetbriar development in Barrington and firm approval for the reservation of Low-Income Housing Tax Credits (LIHTC) and associated financing for the Penny Lane development in Warren.