Providence Revolving Fund Inc.

Filing Period

Mar 1, 2012 to Feb 28, 2013

Signed

Jan 15, 2014

Return Version

2012v2.1

Gross Receipts

$1,307,851

Mission

Major Activities

Activity 2

Downcity fund loan program-in fiscal year 2013, the organization met with the 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, five new loans were closed, for a total of $3.4 million in investment, resulting in the rehabilitation of 58 residential units and 12 commercial units. In addition, one existing $750,000 downcity fund loan was refinanced for a longer term. The loans made by the fund leveraged an additional $6.65 million in private equity for these development projects downtown.since the program's inception, 21 loan projects have been undertaken, totaling $8,966,285 in downcity fund investment, which has leveraged over $101 million in private investment.the organization continued to implement the downcity storefront grant program. The program offers a matching grant up to $5,000 per storefront to proprietors in downtown for storefront improvement. Five storefront grants totaling $35,148 were distributed during 2013, with an additional 10 grants pending, totaling $157,800.technical assistance was provided to 10 downtown properties in the form of tax credit, design, or storefront assistance. The organization also contracted with the providence foundation for downcity fund coordination, marketing and promotional activities.

Activity 3

Developments:669 public street: the organization acquired this two-family foreclosed property may 21, 2010, for $35,000. The architectural uniqueness of the home prompted the organization to acquire the property constructed in 1856 in the form of an octagon. The fund completed the rehabilitation of this rare octagon-shaped house during the year. The two-family home was sold to an income-qualified buyer for $120,000 on december 21, 2012. The fund utilized grants from city home, building homes rhode island, and rhode island housing lead funds.41 whitmarsh street: the fund acquired this single-family property from a homeowner on april 8, 2011, for $127,000. The prf had developed this property in the early 1990's and sold it to first-time homebuyers. They contacted the prf to exercise its right of first refusal on the property according to covenant. The fund completed the rehabilitation of this single-family property during the year and sold it to an income-qualified buyer on january 18, 2013, for $155,000. The fund utilized grants available from the city home fund, building homes rhode island, rhode island housing lead funds and city of providence neighborhood stabilization program (nsp) funds to complete the development project.22 whitmarsh street: the organization acquired this vacant and blighted property from a homeowner on july 21, 2011, for $78,500. This was a strategic investment to continue the momentum for the revitalization of whitmarsh street, at the urging of concerned neighbors who were concerned for the future of this years-long vacant structure. The providence revolving fund began construction rehabilitation of this vacant and blighted two-family property in fiscal year 2013. Funding was secured from rhode island housing's nsp fund, and at fiscal year end, the property is 65% complete. It will be sold to an owner-occupant earning up to 120% of area median income (ami) when it is completed. The rental unit is reserved for a family earning below 50% of ami.10 tobey street: the fund acquired this single-family, foreclosed property from hud on march 2, 2011, for $49,000. The building is strategically located in a proposed historic conservation district in the broadway/federal hill neighborhood, and is an aluminum-clad building in an otherwise historically intact section of homes. The fund secured funds of $60,000 from the city home fund, $65,000 from building homes rhode island, and $10,000 in rhode island housing lead funds. It will be sold to an owner-occupant earning up to 80% of area median income (ami).15 arch street: the fund acquired this single-family, reo-owned property on may 8, 2012. The property is a very large, 3,200 square foot home designed by renowned providence architects stone, carpenter and wilson, with a 9,000 square foot lot. Funding was secured for the rehab of the property using ri housing's nsp and lead funds. It will be sold to an owner-occupant earning up to 120% of ami. At fiscal year end, the development project is 46% complete. Monohasset mill: the partnership between the revolving fund and monohasset mill, llc continued in this fiscal year. The revolving fund continues to monitor the ten home funded units and qualifies potential new buyers when the units come up for sale. In 2013, the organization was actively engaged in assisting four owners plan for the sale of their units.pearl street lofts:the revolving fund continues to monitor the four home funded units and qualifies potential new buyers when the units come up for sale. There were no units for sale in 2013.

Filer

EIN

05-0386411