Turnkey Affordable Homeownership Program

The Turnkey Affordable Homeownership Program is designed to help address the need for low to moderate income homeownership opportunities in Rhode Island. The program will provide financing to developers of for-sale units to homebuyers upon project completion. Developers must demonstrate capacity and previous experience overseeing the construction of housing of similar scope and complexity. The program has specific requirements, including a maximum developer fee of 10% of total development costs and a maximum Turnkey financing per unit of $190,000 for 80% AMI homes and $150,000 for 100% AMI homes. Key aspects of the program include: • Eligibility for new construction, adaptive reuse, or rehabilitation of existing homes • Requirement for homes to be owner-occupied primary residences when purchased • Encouragement for developers to market to first-time homebuyers • Option for RIHousing to provide end loans to qualified homebuyers • Need for developers to identify a Monitoring Agent to income qualify the initial homebuyer and review future transactions