Rhode Island Housing and KeepSpace Developments: Working together to bring you home
Q. Will the neighborhood impact of the development be considered?

A. Yes. The impact of each proposed development on neighborhoods, municipalities, the state and the region will be considered. In fact, all potential impacts of the development on the surrounding area will be considered during evaluation, ensuring that the selected developments are a natural fit with the existing character of each community.

Q. When will decisions be made?

A. We anticipate that Rhode Island Housing’s staff-analysis phase will be completed in January 2008 with continuing consultation with the Advisory Committee. We expect to announce initial awards at the Rhode Island Housing board meeting in March 2008.

Q. What kind of KeepSpace development might emerge in a rural area?

A. Rural areas provide the ideal setting for conservation-minded, village-style developments that propose efficient uses of land, housing and infrastructure, while also preserving open space and the community’s traditional style.

Q. How do the selected KeepSpace developments move forward through the program phases?

A. Once a proposal is approved for the KeepSpace program, there are four phases envisioned: Design Development, Regulatory Approval, Financial Closing, and Implementation. Rhode Island Housing staff and the KeepSpace Advisory Committee are available to assist development teams in accomplishing the required milestones that have been established for each phase. As developers are working toward reaching each KeepSpace milestone, it is possible for them to proceed independently on other aspects of their development. For example, as developers work to meet the KeepSpace infrastructure guidelines, they may be continuing with the construction of the KeepSpace Community’s homes. Developments will proceed through each phase once contractual milestones have been achieved, waived or modified.

Financial obligations for each phase will be set forth in the funding agreements.

All contracts are subject to the annual budgeting of Rhode Island Housing.

Q. How will award amounts be determined?

A. Award amounts will be based on the size, scale and complexity of each proposal as well as the contribution that each will make to the KeepSpace goals and Rhode Island Housing mission.

Q. How is KeepSpace funded? Where is the funding coming from?

A. Rhode Island Housing has specifically dedicated up to $10 million toward the creation of the first 3-5 KeepSpace Communities. This investment will be combined with other programs to serve as a catalyst to leverage the funding of potential developments and turn them into KeepSpace Communities.

KeepSpace will make use of applicable and appropriate federal and public funding mechanisms, including grants and tax credits designed to promote neighborhood revitalization, comprehensive community redevelopment, and affordable homes.

Q. Will we have to repay the funds awarded to us?

A. Some KeepSpace funds will be issued in the form of grants or forgiveable loans. Other funding will be in the form of loans that will have to be repaid, restructured or converted to equity, or other patient investment. All funding will be issued in a way that best supports KeepSpace as an economically viable development opportunity.

Q. What other services does Rhode Island Housing provide developers and municipalities?

A. Rhode Island Housing provides unique opportunities for developers and municipalities to work with us on a wide range of projects throughout the state. Through our flexible financing packages and ability to provide technical support, Rhode Island Housing’s partnerships with developers and municipalities provide sound business opportunities that work to support our efforts to build a better Rhode Island.

For more information or to request a copy of the RFP, contact Joe Voccio at 401 457-1284 or jvoccio@rhodeislandhousing.org or Tony A’Vant at 401 457-1103 or tavant@rhodeislandhousing.org.

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