The State of Rhode Island and City of Providence have received funding through the American Rescue Plan Act to help homeowners make necessary repairs at no cost.

• Eligibility is determined by property location and household income. 
• These programs are for properties with 1-4 units. All eligible properties can receive forgivable loans of up to $50,000, and 3-4 unit properties in Qualified Census Tracts can receive up to $75,000.
• Providence Revolving Fund handles all construction management for the home repair. A PRF project manager will inspect the property, set job requirements, handle contractor bidding, and monitor construction progress.

• Borrowers are not required to make any payments. There are no fees or interest.
• As each year passes, 20% of the loan’s total value is forgiven. Loans are fully discharged after 5 years.
• A lien is placed on the property. If the owner sells their property within 5 years, the remaining value of the loan is paid out of sale proceeds. For example, a property sold 2 years into the loan would only return 60% of the loan value through sale proceeds, as 40% of that loan would have been forgiven by then.

• Property must be in a Qualified Census Tract or in Providence. When you submit a property’s details in our intake form, PRF will check that the address is in a QCT and send you the result. 
• Property does not need to be owner-occupied.
• If a property is not in Providence, a majority (at least 1 out of 2, 2 out of 3, or 3 out of 4) of the property’s households must have an annual income at or below 80% of the Area Median Income for their city. 

Owner’s annual household income must be at or below 100% of the Area Median Income for Providence.  

Homeowners must demonstrate that they have exhausted all funding options of which they were aware to make the necessary repairs.

Funds can be used for electrical, heating, energy improvements, accessibility improvements, roofing repair/replacement, lead hazard reduction / healthy housing repairs, plumbing improvements, and improvements addressing other major building components.

Depending on the program(s) for which a property is eligible, homeowner and tenant income may need to be verified.

For the City of Providence’s programs, only the property owner’s household income is used to qualify. However, Providence properties that qualify for the State program may need to qualify by tenant income to access State program funds, depending on the number of units.

We ask for these documents from all household members over 18 years of age:

• Bank Statements: 2 months of checking and savings statements from all accounts
• Pay Stubs: 4 most recent pay stubs
• Property insurance information, if available
• For self-employed workers: A copy of their most recent tax return and a to-date profit and loss statement
• Copies of tenant leases (if homeowner is qualifying)
• Any 1099s, if applicable
• School schedules for any full time students

There are no out-of-pocket expenses or monthly payments associated with these programs for the tenant or property owner. In most cases, the loan will be completely forgiven, and the assistance is free.

We understand it can be unsettling to share personal, financial information that is treated as confidential.  Financial information is used to verify total household income for each single family, or unit in a multifamily property. Tenants’ financial information will not be disclosed to property owners.

Our program has income limit requirements in place to determine the funding source to be used to remediate a property.  All documentation requested from homeowners and tenants are used solely for this purpose.

If necessary, it is the landlord’s responsibility to accommodate for tenant temporary housing during repair work.

If a property outside Providence is not in a Qualified Census Tract, it does not qualify for a forgivable home repair loan through these programs.

PRF offers low-interest home repair loans and construction management services.

A Providence property whose owner’s household earns over 100% of the area median income could still qualify for a low interest loan for addressing housing code violations.