EOH- Site Acquisition Fund Administration for Affordable and Supportive Housing

The Rhode Island Executive Office of Housing (EOH) is seeking a nonprofit partner to administer a Site Acquisition Fund for Affordable and Supportive Housing through a competitive Request for Proposal (RFP) solicitation. The procurement targets an experienced nonprofit organization capable of underwriting and managing a $5 million revolving loan fund focused on property acquisition for affordable housing development. Eligible borrowers must be 501(c)(3) nonprofit corporations interested in acquiring properties for housing initiatives. The RFP requires the selected vendor to provide lines of credit to these borrowers and operate the fund for a minimum of five years, with the contract term beginning approximately January 1, 2026 and lasting five years. Key deliverables include comprehensive underwriting of potential borrowers, managing the entire $5 million revolving fund, and ensuring proper allocation of funds for property acquisitions. The solicitation has a proposal submission deadline of November 19, 2025, with evaluation criteria that include the vendor's experience, proposed operational approach, and commitment to supporting Minority, Women-owned, and Disability-owned Business Enterprises.

The RFP specifically restricts participation to nonprofit organizations with demonstrated experience in housing finance and nonprofit underwriting. Respondents must have the capacity to manage a complex revolving loan fund and provide strategic support to 501(c)(3) nonprofit housing developers. The procurement emphasizes supporting Minority Business Enterprises (MBEs), Women-owned Business Enterprises (WBEs), and Disability Business Enterprises (DisBEs), with vendors being evaluated partially on their proposed participation rates for these categories. At the conclusion of the five-year contract, all proceeds will be redirected to capital costs associated with affordable and supportive housing initiatives within Rhode Island. The $5 million funding originates from the 2024 Housing Acquisition, Development, and Infrastructure Bond Measure, indicating a significant commitment to expanding affordable housing opportunities in Providence County and across the state. While no incumbent vendors are mentioned, the RFP suggests a comprehensive approach to addressing housing acquisition challenges through innovative financial mechanisms.