Providence Revolving Fund Inc

TO PRESERVE THE ARCHITECTURAL HERITAGE OF PROVIDENCE AND STIMULATE COMMUNITY REVITALIZATION.

NEIGHBORHOOD LOAN PROGRAM - THE NEIGHBORHOOD LOAN FUND IS COMPRISED OF RESTRICTED FUNDS FROM SUCH CONTRIBUTORS AS THE RHODE ISLAND HISTORICAL PRESERVATION AND COMMISSION, CITY HOME FUNDING, THE UNITARIAN UNIVERSALIST ASSOCIATION, AND PRF ASSETS. THE FUND PROVIDES FINANCING TO HOMEOWNERS WITH HOMES THAT ARE OVER 50 YEARS OLD TO REPAIR THEIR PROPERTIES. THE PROGRAM OFFERS LOANS UP TO $50,000 FOR EXTERIOR REPAIR/RENOVATION/PRESERVATION. LOANS ARE AVAILABLE FOR BOTH OWNER OCCUPIED AND RENTAL PROPERTIES. OUR LOANS ARE DESIGNED TO MEET THE FINANCIAL CAPACITY OF THE BORROWER WITH FLEXIBLE TERMS. STAFF PREPARED COST ESTIMATES FOR 37 PROPERTIES AND EXTERIOR SPECIFICATIONS FOR 16 HOUSES, AND MONITORED 23 RESTORATIONS. TWELVE NEW LOANS TO OWNER-OCCUPIED RESIDENTIAL HOMES WERE CLOSED FOR HOUSE RESTORATIONS IN PROVIDENCE, TOTALING $494,169 OF INVESTMENT RESULTING IN THE REHABILITATION OF 36 RESIDENTIAL UNITS OF HISTORIC HOUSING. FIVE NEIGHBORHOOD LOAN PROJECTS WERE COMPLETED IN 2022.THE ORGANIZATION ALSO PROVIDED TECHNICAL ASSISTANCE TO 29 HISTORIC PROPERTY OWNERS WHO USED PRIVATE FUNDS FOR THE RENOVATION. IT ADMINISTERED THE WARD 13 PROJECT AREA I AND II BOND ISSUE FUNDS AND A CAPITAL POOL WITH THE WEST BROADWAY NEIGHBORHOOD ASSOCIATION (WBNA) TO ASSIST DEVELOPMENT ON WESTMINSTER STREET. IN ADDITION TO THESE EARMARKED CAPITAL POOLS, THE ORGANIZATION ADMINISTERED 8 OTHER CAPITAL POOLS FOR THE NEIGHBORHOOD LOAN PROGRAM. AT YEAR END, A TOTAL OF $38,000 IN NEIGHBORHOOD LOAN COMMITMENTS WERE PENDING CLOSING.

PROVIDENCE MICRO-BUSINESS LOAN PROGRAM:PRF STAFF WORKS CLOSELY WITH RESIDENTS AND BUSINESS OWNERS AND CONTINUED TO DO SO DURING THE STAY AT HOME ORDERS. AS THE GOVERNOR ANNOUNCED PLANS FOR REOPENING AND RELEASED GUIDELINES, WE HEARD THAT MANY OF THE BUSINESSES ESPECIALLY MINORITY AND WOMEN OWNED BUSINESSES ARE CONCERNED ABOUT BEING ABLE TO REOPEN. THESE CORRIDORS ARE THE HEARTS OF THEIR NEIGHBORHOODS. THEY ARE WHERE PEOPLE SHOP, WHERE THEY WORK AND WHERE THEY MEET THEIR NEIGHBORS. PROVIDENCE REVOLVING FUND HAS CAPITALIZED A REVOLVING LOAN FUND TO PROVIDE SMALL LOANS TO MICRO-BUSINESSES LOCATED ON OR NEAR COMMERCIAL CORRIDORS IN PROVIDENCE. THIRTY PERCENT (30%) OF THE FUND WILL SET ASIDE FOR WOMEN/MINORITY OWNED BUSINESSES. IT PROVIDES LOANS OF $500-$5,000 TO BUSINESSES WITH 10 OR FEWER FTES, EARNINGS OF $250,000 OR LESS. ALL BORROWERS ARE REQUIRED TO PARTICIPATE IN A ONE-ON-ONE SMALL BUSINESS COACHING SESSION. A TOTAL OF 30 LOANS WERE MADE FOR $250,000; 85% WERE MINORITY OWNED BUSINESSES AND 50% WERE MINORITY WOMEN OWNED BUSINESSES.

DOWNCITY FUND LOAN PROGRAM - IN FISCAL YEAR 2022, THE ORGANIZATION SERVICED TEN LOANS FOR THE RHODE ISLAND FOUNDATION. TECHNICAL ASSISTANCE WAS PROVIDED TO 15 DOWNTOWN PROPERTIES IN THE FORM OF TAX CREDIT, DESIGN, OR STOREFRONT ASSISTANCE.

OPPORTUNITY INVESTMENT FUND:PRF LAUNCHED THE OPPORTUNITY INVESTMENT FUND IN 2019 TO ATTRACT AND POOL PRIVATE AND PUBLIC CAPITAL FOR AFFORDABLE HOMEOWNERSHIP AND RENTAL HOUSING PROJECTS UNDERTAKEN BY INDIVIDUAL OWNERS, NON-PROFIT CDCS, AND LARGER FOR-PROFIT DEVELOPERS. QUALIFIED PROJECTS MAY INCLUDE BUT ARE NOT LIMITED TO NEW CONSTRUCTION OR REHAB OF MULTIFAMILY PROJECTS WITH OR WITHOUT LOW-INCOME HOUSING TAX CREDITS (LIHTC); INFILL HOUSING, REDEVELOPMENT, OR OTHER CDC-SPONSORED PROJECTS THAT ARE RESPONSIVE TO NEIGHBORHOOD NEEDS. OUR LENDING GOALS FOR THIS PROGRAM ARE TO STIMULATE PROPERTY REDEVELOPMENT IN UNDERINVESTED NEIGHBORHOODS, TO FACILITATE OPPORTUNITIES FOR LMI HOUSEHOLDS TO LIVE IN AREAS OF HIGH OPPORTUNITY AND TO INCENTIVIZE FORPROFIT DEVELOPERS TO PARTICIPATE IN FILLING THE NEED FOR AFFORDABLE UNITS, ESPECIALLY FOR THOSE SERVING HOUSEHOLDS BETWEEN 60%-140% OF AMI. FIVE LOANS TOTALING $2,575,000 WERE CLOSED IN 2022 AND IT PRODUCED 70 UNITS OF AFFORDABLE HOUSING AND OTHER FACILITIES. AT YEAR END, A TOTAL OF $2,300,000 IN OPPORTUNITY INVESTMENT FUND COMMITMENTS WERE PENDING CLOSING INVESTING IN 62 UNITS OF HOUSING; 32 OF WHICH AT DEED RESTRICTED FOR HOUSEHOLDS EARNING BETWEEN 80-120% OF AREA MEDIAN INCOME.