The Blackstone Valley Development Corporation can manage any affordable housing project, including mixed-use and mixed-income housing, from start to finish.
BVDC's team of experts can assist in assessing the feasibility of a project. Feasibility studies include initial discussions with community and municiple leaders, site assessment, reviewing available funding, environmental considerations and budget analysis.
BVDC works with the developer and architect to determine the building design and ensure the building meets the program needs of the clients.
Budget Development & Project Financing
Drawing on its extensive background, BVDC develops a realistic budget and assesses all the project financing options available. BVDC has secured financing through banks and other private sector investors as well as a host of state and federal programs, including:
- HUD Section 202
- HUD Section 811
- Rhode Island Housing (Deferred Loans, Affordable Housing Trust)
- Tax Exempt and Taxable Bond Financing
- Weatherization Grants
- Lead Program Grants
- Federal Home Loan Bank of Boston
- Threshold Program
- HOME Funds
- Historic Tax Credits
- Low income tax credits
- Building Homes Rhode Island
- Community Development Block Grants
BVDC's experience with all of the programs listed above allows it to navigate the sometimes cumbersome and confusing application process. BVDC not only accurately fills out funding applications, it also anticipates and corrects issues that may slow down approvals.
BVDC spearheads all local zoning approvals, including a review of the municipalities zoning process, a review of all applicable zoning laws, the application of any variances, and representation at public meetings.
When applicable, the BVDC assesses the value of the proposed site and negotiates with current property owners.
Structuring, Underwriting and Due Diligence
The development process requires a tremendous amount of structuring to ensure the different sources of financing can work together. BVDC provides underwriting assistance to all the lenders and up front due diligence to ensure the project will comply with all the various requirements of the funders.
BVDC manages the entire financial process, including the final legal closing and transfer of funds.
BVDC will manage the construction process to ensure the project is complete on time and on budget. Construction oversight includes submission and monitoring of requisitions.
Through our partners, Phoenix Property Management and Manhattan Housing Specialists, we can manage the ongoing operation of the property after completion.