Providence Revolving Fund receives $1.8M in federal funds to address affordable rental housing

PROVIDENCE – The Providence Revolving Fund is receiving significant federal COVID-19 relief money to boost affordable rental housing within the city.

The organization announced Thursday that it has been awarded $1.8 million in federal Community Development Financial Institutions Equitable Recovery Program funds from the U.S. Department of Treasury for housing initiatives. The funds are from the $1.75 billion federal program to award grants in response to COVID-19-related economic challenges.

The revolving fund says that with the new funds, it will provide loan capital, grants, and technical assistance for two different products addressing specific needs for affordable housing. The first, it said, is for home repair aimed at helping homeowners maintain and remain in their homes. The other is for low-cost, flexible financing for affordable rental housing development for which there is greater demand, the revolving fund said.

Providence Revolving Fund Executive Director Carrie Zaslow said in a statement that the organization is using a two-pronged approach with the new funds to address affordable housing affordability and stability.

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“We strive to stimulate equitable community revitalization that reflects neighborhood values and promotes access to housing and economic opportunity for all,” Zaslow said.

James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.