Boards & Commisssions - Providence Housing Trust

Overview

The Providence Housing Trust (PHT) was created in 2005 to consolidate the various City housing funds.These include:

Federal funds
City bond funds
Housing loan re-payments
Tax stabilization funds
Any other housing related funds.
Each type of funding is governed by the specific utilization requirements of the source.

The PHT is designed to provide resources to create, rehabilitate and preserve affordable housing throughout the City of Providence for households with incomes that are not more than 80% median, as determined by the U.S. Department of Housing and Urban Department (HUD).

Oversight of the PHT is the responsibility of the Providence Redevelopment Agency. The PHT is administered by the Department of Planning and Development.

Funds from the PHT may be used to support the acquisition and development of affordable housing units.These funds may be used flexibly to ensure the financial feasibility of the projects. A wide range of financial assistance is available from the PHT, including:

Deferred payment loans
Low or no interest amortized loans
Down payment and closing cost assistance for home-buyers
Credit enhancements and mortgage insurance guarantees
Matching funds for employer-based housing
Matching funds for entities that sponsor affordable housing projects

This list is meant to be illustrative, but not exhaustive, of possible types of assistance provided by the PHT. The level and type of assistance provided by the PHT to a specific project must be the minimum amount necessary to achieve the desired degree of affordability. In instances where the PHT funds are provided as “gap” funding, the assistance provided will typically be in the form of a deferred payment loan. The following pages detail the Providence Housing Investment Programs.