Specifications include, but are not limited to: The APP Funds will provide loans for predevelopment costs related to the future development of affordable and supportive housing. All APP loans will be secured by a land use restriction ensuring affordability for a minimum of 30 years. Eligible applicants include qualified developers including nonprofit and for-profit developers, municipalities, and public housing authorities. Applicants for APP Funds should carefully review the objectives of the SLFRF, the Act and the Department of Treasury’s regulations and guidance. The criteria used to evaluate applications include but are not limited to: • Development team’s capacity to undertake the project • Ability to identify and leverage other funding sources • Marketability of the proposed development, including but not limited to the location of the development, proposed affordability, amenities, and services • Clear project vision that outlines development goals including project objectives and beneficiaries of the proposal • A timeline for the submission of a funding application that in RIHousing’s estimation, appears reasonable and attainable.
