What RIHousing does

RIHousing (legal name: Rhode Island Housing and Mortgage Finance Corporation) is Rhode Island's quasi-public state housing finance agency, established in 1973 by the Rhode Island General Assembly as a privately funded public-purpose corporation. The organization operates programs across the entire housing continuum, providing mortgage financing (first-time homebuyer mortgages, renovation loans, refinancing), down payment assistance (FirstGenHomeRI offering $25,000 to first-generation buyers, 15kDPA, Extra Assistance Program, RI REALTORS Homebuyer Grant), rental assistance (Housing Choice Vouchers/Section 8, Project-Based Rental Assistance), homeowner counseling through its HUD-approved HelpCenter, and multifamily development financing through LIHTC, HOME, CDBG, HTF, ESG, and State Fiscal Recovery Funds. RIHousing serves homebuyers, homeowners, renters, multifamily developers, property managers, investors, and Rhode Island municipalities across all 39 cities and towns in the state.

The organization's technology infrastructure is built around a portfolio of public-facing data dashboards (SFRF Program Dashboard, Evictions Dashboard, Low & Moderate Income Housing Dashboard, annual Rent Survey), the Policy Map GIS reporting tool powered by PolicyMap integration, the HousingSearchRI rental search portal, the Waitlist Central RI application system, and Five9-powered chat support for the Coordinated Entry System Hotline. Operations are executed through wholly owned subsidiaries including Rhode Island Housing Development Corporation, Rhode Island Housing Equity Corporation, Rhode Island Housing Equity Pool L.P., Rhode Island Housing Equity Pool II L.P., University Heights Housing Corporation, and the Affordable Housing Trust.

Revenue is generated primarily through interest income on the owned mortgage loan portfolio, fees and recapture from LIHTC and development financing programs, administration of federal HUD-funded programs (CDBG, HOME, HTF, ESG), State Fiscal Recovery Funds deployment, bond issuance through RI Fiscal Bonds, and partnerships with financial institutions such as Bank of America and the Federal Home Loan Bank. Distribution occurs through direct application, a network of partner mortgage lenders and real estate agents, public housing authorities, and direct developer engagement. The sole named leadership figure in the data is Lisa Primiano, COO.

Name

RIHousing

Legal name

Rhode Island Housing and Mortgage Finance Corporation

Website

https://rihousing.com

Company type

Private

Founded year

1973

Operating status

Operating

Headcount range

101–250 employees

Short description

RIHousing is Rhode Island's quasi-public state housing finance agency providing mortgage lending, down payment assistance, rental assistance, homeowner counseling, and multifamily development financing to homebuyers, renters, homeowners, developers, and municipalities across all 39 state cities and towns.

Ownership category

akta.pro rank

Product category

Affordable Housing Finance

NAICS

Administration of Housing Programs (925110), Real Estate Property Managers (53131), Residential Property Managers (531311)

SIC

Mortgage Bankers & Loan Correspondents (6162), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Affordable & Public Housing Asset Management (BPAJAMAI)

akta.pro secondary industries

Housing Voucher & Rental Assistance Programs (Tenant-Based/Project-Based) (FSALAKAI), Government-Backed CRE Lending (FHA/HUD/USDA) (FSALADAE), Public & Affordable Housing Programs (Subsidies, Vouchers, Public Housing) (BPAIANAA), Affordable Housing & Community Development (Housing, Community Land Trusts) (BPAGALAC)

Keywords

• Affordable housing finance
• Mortgage lending
• Rental assistance
• Down payment assistance
• Housing development financing

Headquarters

HQ city

Providence

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Mortgage Lending Revenue: RIHousing provides low-interest loans for homebuyers and multifamily development. Revenue is generated through interest on mortgage loans issued to qualified borrowers. As a quasi-public corporation, RIHousing uses its resources to provide financing that helps Rhode Islanders find, rent, buy, build, and keep affordable homes.
2. Development Financing and Tax Credit Programs: RIHousing administers Low-Income Housing Tax Credits (LIHTC), State Fiscal Recovery Funds (SFRF), and various development programs that generate fees and interest income from affordable housing development projects.
3. Rental Assistance Programs Administration: Administration of Housing Choice Voucher Program/Section 8, Project-Based Rental Assistance, and other rental subsidy programs in partnership with federal and state governments.
4. Grants and Subsidies Distribution: RIHousing provides housing grants and subsidies to Rhode Islanders with greatest need, funded through state and federal appropriations, including programs like the 15kDPA and FirstGenHomeRI.

Go-to-market motion4 records

Distribution channels6 records

Marketing channels6 records

Core offering

RIHousing is Rhode Island's state housing finance agency that provides low-interest mortgage loans to homebuyers, down payment and closing cost assistance grants, Housing Choice Voucher (Section 8) and Project-Based Rental Assistance for renters, HUD-approved homeowner counseling, and tax-credit-backed development financing for multifamily affordable housing developers. The organization also offers municipal technical assistance, lead hazard remediation programs, and bond investment opportunities for affordable housing development across all 39 Rhode Island municipalities.

Product overview

RIHousing is Rhode Island's state housing finance agency operating as a quasi-public corporation created in 1973. The organization offers a comprehensive portfolio of housing products and services organized around three core segments: (1) Homebuyer Programs including first-generation buyer assistance (FirstGenHomeRI), down payment assistance (15kDPA, Extra Assistance), renovation loans, and homebuyer education; (2) Homeowner Programs including mortgage servicing, homeowner assistance, refinancing, and community lending programs like LeadSafe Homes; and (3) Rental Programs including Housing Choice Vouchers (Section 8), project-based rental assistance, and affordable rental listings via HousingSearchRI. RIHousing also operates a robust data and reporting platform including the SFRF Dashboard, Policy Map, Evictions Dashboard, and Rent Survey to track housing conditions across Rhode Island. For development partners, RIHousing offers the ZEOS Program, Municipal Technical Assistance (MTAP), Pipeline Development Program, Transit Oriented Development Program, and the Developers Handbook. The organization's subsidiary corporations include Rhode Island Housing Development Corporation, Rhode Island Housing Equity Corporation, and the Affordable Housing Trust.

Differentiator

Problem solved

Functional benefit

Products and services

• FirstGenHomeRI Mortgage and assistance program providing $25,000 to first-generation homebuyers in eligible Rhode Island census tracts to help them become homeowners.
• 15kDPA (Down Payment Assistance) Down payment assistance program offering up to $15,000 in grants or loans to eligible homebuyers purchasing a home in Rhode Island.
• Extra Assistance Program Comprehensive down payment and closing cost assistance for Rhode Island homebuyers who meet income and purchase price requirements.
• Homebuyer Education Education and counseling programs that guide Rhode Islanders through the homebuying process to support successful homeownership.
• Renovation Loans Financing options that combine home purchase and renovation financing for buyers purchasing homes that need repairs in Rhode Island.
• Housing Choice Voucher Program (Section 8) Federal rental assistance program providing tenant-based vouchers that help low-income Rhode Island households afford decent housing in the private rental market.
• Project-Based Rental Assistance Rental assistance attached to specific housing units in affordable housing developments, providing ongoing rental subsidies for low-income tenants.
• Homeowner Assistance Assistance and counseling resources for current Rhode Island homeowners struggling to make mortgage payments or maintain their homes.
• Move-Up and Refinance Refinancing options for existing RIHousing mortgage customers who want to move to a new home or refinance their current mortgage.
• RI REALTORS Homebuyer Grant Grant program providing up to $2,500 for first-time homebuyers working with participating Rhode Island REALTORS members.
• ZEOS Program (Zero Energy Ocean State) Program supporting zero-energy or high-performance building standards in affordable housing developments throughout Rhode Island.
• LeadSafe Homes Program Program helping Rhode Island homeowners and tenants address lead paint hazards in their homes through assessments and remediation assistance.
• Municipal Technical Assistance Program (MTAP) Technical assistance program helping Rhode Island municipalities expand housing production through zoning updates, infrastructure assessments, and community engagement.
• Pipeline Development Program Program assisting Rhode Island municipalities in identifying potential sites for redevelopment as affordable or mixed-income housing and advancing those projects.
• Transit Oriented Development (TOD) Zoning Program Funding program supporting creation of transit-oriented development districts to enable additional housing development near transit in Rhode Island.
• REO First Look Program granting developers and builders first access to purchase RIHousing-owned (REO) properties before they are listed on the open market.
• RIHousing HelpCenter HUD-approved counseling agency providing free counseling services to Rhode Island homeowners who are struggling with mortgage payments.
• RI Fiscal Bonds Housing investment and bond financing opportunities for investors, providing tax-exempt and taxable financing for affordable housing development in Rhode Island.
• Community Lending Programs Programs providing financing and technical assistance for community development, including lead hazard remediation and neighborhood revitalization initiatives.
• Healthy Housing, Healthy Communities (H3C) Initiative Initiative building strategies to align housing and healthcare investments and developing innovative approaches to healthy housing in Rhode Island.

Quantifiable outcome

• Homebuyer mortgages, homes financed for construction or preservation, renters served through various programs
• +2 more outcomes

Named customers1 record

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• RI Leagues of Cities and TownscoreStrategic or Co-development PartnerRIHousing partners with the RI Leagues of Cities and Towns for the Municipal Technical Assistance Program (MTAP), providing joint webinars and informational sessions on housing planning and development programs for Rhode Island municipalities.
• Rhode Island Supreme CourtcoreOthersRIHousing receives monthly eviction data from the Rhode Island Supreme Court for the Evictions Dashboard, which tracks case filings, hearings, judgments, and monetary awards statewide.
• HousingWorks RI at Roger Williams UniversitycoreStrategic or Co-development PartnerHousingWorks RI serves as a clearinghouse for housing information in Rhode Island, producing the annual Housing Fact Book that provides an overview of housing across all 39 cities and towns.
• Harvard Joint Center for Housing StudiesminorStrategic or Co-development PartnerPartnership to provide the 'State of the Nation's Housing Report' to Rhode Island stakeholders.
• National Low Income Housing CoalitionminorStrategic or Co-development PartnerPartnership to provide the 'Out of Reach Report' on national housing affordability to Rhode Island.
• PolicyMapcoreTechnology or IntegrationPolicyMap is an online GIS mapping tool used by RIHousing to illustrate how investments are meeting community needs, integrated into RIHousing's Policy Map reporting tool.
• RI Continuum of CarecoreStrategic or Co-development PartnerCoordinated Entry System works to match people experiencing homelessness with resources needed to resolve homelessness as quickly as possible.
• RI Legal Services and The Center for JusticecoreImplementation/ SI/ Consulting PartnerFree legal aid providers assisting low-income tenants with referrals, legal information, and representation for evictions statewide.
• U.S. Department of Housing and Urban Development (HUD)coreStrategic or Co-development PartnerFederal partner requiring Consolidated Plans, Annual Action Plans, and CAPER reports. RIHousing serves as a state-level administrator for HUD-funded programs including CDBG, HOME, HTF, and ESG.
• NeighborWorks Blackstone River ValleycoreStrategic or Co-development PartnerNonprofit developer that transformed historic mill buildings into Millrace District, a mixed-use development with 70 live/work homes along the Blackstone River.
• RI REALTORScoreChannel Partner/ Reseller/ DistributorPartnership providing RI REALTORS Homebuyer Grant to assist homebuyers in purchasing homes through approved REALTORS.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• MassHousing: Massachusetts' quasi-public housing finance agency providing mortgage financing, rental assistance, and development financing. Most direct comparable as a New England state housing finance agency with a similar statutory mandate and product mix.
• Connecticut Housing Finance Authority (CHFA): Connecticut's state housing finance agency offering homebuyer mortgages, down payment assistance, rental assistance administration, and multifamily development financing. Closely comparable in mission, structure, and product portfolio.
• Maine State Housing Authority: Maine's housing finance agency administering mortgage programs, rental assistance, LIHTC, and affordable housing development financing. Comparable in scale, New England regional context, and quasi-public governance.
• New Hampshire Housing Finance Authority: New Hampshire's housing finance corporation providing mortgage lending, rental assistance, and development financing statewide. Comparable as a small New England state agency with similar product offerings and self-funded quasi-public structure.
• Vermont Housing Finance Agency: Vermont's state housing finance agency offering homebuyer loans, down payment assistance, and multifamily development financing. Comparable in scale and mission as a small-state New England housing finance authority.

Broad incumbents

• California Housing Finance Agency (CalHFA): California's much larger state housing finance agency providing mortgage lending, down payment assistance, and multifamily programs. Comparable in core function but operates at significantly greater scale and across a more complex housing market.
• New York State Homes and Community Renewal: New York's statewide housing agency administering mortgage programs, rental assistance, and affordable housing development financing. Comparable product mix but operates as part of a broader state housing and community renewal portfolio.

Others

• Federal Home Loan Bank of Boston: Regional Federal Home Loan Bank that provides Affordable Housing Program (AHP) subsidies that RIHousing and other state HFAs access for development financing. Acts as a wholesale funding counterparty and grant provider rather than a direct competitor.
• NeighborWorks America: National network supporting nonprofit housing counseling and development organizations including NeighborWorks Blackstone River Valley, which partners with RIHousing. Adjacent ecosystem participant in affordable housing delivery rather than a direct competitor.
• HousingWorks RI at Roger Williams University: Rhode Island housing research and policy clearinghouse that produces the annual Housing Fact Book in partnership with RIHousing. Functions as a data and advocacy partner rather than a financing competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/RIHousing

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RIHousing