Housing & Community Development - Land Acquistition Program

Land Acquisition Program

PURPOSE:
To loan funds for the timely acquistion of property necessary for the rehabilitation or construction of affordable housing.

Distribution:
Rolling application

Application:
Please submit two completed copies of the application. Note: One application must be submitted for each Plot/Lot address. Multi Plat/Lot addresses may be included in one application if owned singularly or are contiguous with separate owners.

Maximum/Minimum Loan per Acquisition:
Minimum loan amount: $10,000
Maximum loan amount:$50,000

Loan Terms:
0% interest loan payable twelve (12) months from closing or when all project financing commitments are obtained, whichever occurs first.
A lein for the loan amount will be attached to the property and discharged upon repayment.

Eligible Use of Funds:
Acquisition of land for affordable/moderate income housing.

Ineligible Uses:
Commercial development with no residential component.
Market-rate housing development with no affordable or moderate income component.

Eligible Applicants:
Community Housing Development Organizations (CHDOs)
Non-profit Developers

Income Targeting:
80% of median income or below

Conformance with Consolidated Plan:
All projects must be in conformance with the City of Providence’s Consolidated Plan 2005-10.

Program Regulations:
City of Providence Land Acquisition Program Rules and Regulations