Rhode Island Housing Development Corporation (“RIHDC”), a subsidiary of RIHousing, currently owns a multi-family residential property comprised of six (6) rental units, which is situated on at 1739 Broad Street in Cranston, Rhode Island (hereinafter the “Project”). RIHousing seeks proposals to complete the development of the Project and operate it as affordable housing. The successful respondent will acquire the Project from RIHDC and will plan and carry out all aspects to complete the development process, subject to a development agreement with RIHousing and/or RIHDC. The acquisition price of the Project is approximately $421,700 plus any and all carrying costs and property maintenance costs incurred by RIHDC during its ownership of the Project (the “Full Acquisition Price”). The successful respondent must work with RIHousing to develop a plan for transferring ownership of the Property. Prior to RIHDC’s acquisition, the Project was subject to a Thresholds Grant Agreement, which required that the Project be available for lease to consumers or persons with intellectual disabilities or behavioral health issues (meaning those with mental health or substance abuse disorders) who do not require 24-hour supervision (such individuals, “Thresholds-eligible Tenants”). If the developer proposes to lease the Project to Thresholds-eligible Tenants, the developer will be required to execute and record a new Thresholds use restriction agreement upon acquisition of the Project from RIHDC and the Full Acquisition Price will be reduced by the amount of the Thresholds Grant, which is approximately $421,700. Alternatively, the developer may choose to identify other target population(s) and supportive services partnership(s) to support such target population(s), if desired. The developer must fully describe in its proposal the population(s) to be served and outreach strategies as well as provide any written agreements with partners describing services to be provided for the Project. If the State of Rhode Island Department of Behavioral Healthcare, Developmental Disabilities and Hospitals (“BHDDH”), which was a third party beneficiary of the Thresholds Grant Agreement, accepts such target populations and supportive services in lieu of the standard Thresholds obligations and restrictions, the developer must sign a new use restriction agreement upon acquisition of the Project from RIHDC and the Full Acquisition Price will be reduced by the amount of the Thresholds Grant, which is approximately $421,700. If, however, the developer chooses not to lease the Project to Thresholds-eligible Tenants or other target populations approved by BHDDH pursuant to the foregoing paragraph, the developer will be required to pay the Full Acquisition Price for the Project.
