Turnkey Affordable Homeownership Program

Background
The Rhode Island Housing and Mortgage Finance Corporation (RIHousing) has initiated the Turnkey Affordable Homeownership Program to address the need for low to moderate income homeownership opportunities in Rhode Island.

The program aims to streamline the development process for low to moderate income homes that will be deed-restricted by RIHousing.

Work Details
The Turnkey Program will provide financing to developers of for-sale units upon project completion.

Developers are responsible for funding the acquisition, construction, and/or rehabilitation of homes without RIHousing financing prior to completion. Financing will be disbursed once a Certificate of Occupancy is issued and a deed restriction on household income is recorded.

Eligible projects include new construction, adaptive reuse, or rehabilitation of one to two-family homes and condominiums that must be owner-occupied primary residences. Developers must demonstrate capacity and experience in overseeing similar housing projects. The maximum developer fee is restricted to 10% of total development costs. The requested Turnkey financing per unit cannot exceed the difference between total development cost and an affordable sale price for families earning 80% or 100% of AMI, with maximum amounts set at $190,000 for 80% AMI homes and $150,000 for 100% AMI homes.

Period of Performance
Applications are accepted on a rolling basis. Construction must commence within four months of funding commitment, with each unit closing with an income-qualified buyer within twelve months.

Place of Performance
The contract will be performed in the State of Rhode Island.