Providence Revolving Fund Inc

Programs: Neighborhood loan program - the organization provided loans and technical services to property owners citywide with emphasis on the low and moderate income neighborhoods in broadway - armory, north elmwood, south elmwood, bridgham-arch, and upper south providence historic districts. Staff prepared cost estimates for 38 properties and exterior specifications for 14 houses and monitored 18 restorations. Seven new loans to homeowners were closed for house restorations in the broadway-armory and north elmwood historic districts, totaling $225,000 of investment and resulting in the rehabilitation of 21 residential units of historic housing. The loans made by the fund leveraged an additional $11,795 in the form of private equity from the borrowers' contributions for residential projects.

downcity fund loan program - in the fiscal year the organization met with downcity fund advisory board. The board revised and approved a work program and budget for the year. The program offers loans up to $1,000,000 per development project and storefront loans up to $50,000 per store. During the year,6 new loans were closed for a total of $2,356,500 in investment, resulting in the rehabilitation of 72 residential units and 5 commercial units. The loans made by the fund leveraged an additional $11. 5 million in private equity for theses development projects downtown.

developments:46 moore street: the providence revolving fund completed the rehabilitation of this vacant and blighted home and sold it in 2016. It was sold to an owner-occupant earning up to 80% area median income(ami).

consulting - the organization provides consulting services to individuals and companies involved in preservation efforts. They prepared new tax credit certifications and continued monitoring projects in multiple locations in providence.