Governor McKee, Executive Office of Housing Announce Opening of $15 Million Site Acquisition Program
Published on Tuesday, April 28, 2026
Rhode Island Foundation selected to administer program, matched State’s $5 million investment 2:1
PROVIDENCE, RI – Governor Dan McKee and the Rhode Island Executive Office of Housing (EOH) today announced that applications are now open for the State’s new Housing 2030 Site Acquisition Program, funded in part through Rhode Island’s historic $120 million housing bond. The McKee administration also announced that the Rhode Island Foundation has been selected to administer the program.
The Site Acquisition Program is funded with $5 million from the 2024 State Housing Bond and is a new program for the state, designed to help nonprofit developers compete more effectively in Rhode Island’s real estate market. As required by the RFP, the selected administrator was required to secure at least a 1:1 funding match to maximize the State’s investment. The Rhode Island Foundation exceeded that requirement by committing a 2:1 match, bringing the total funding available through the program to $15 million.
“This program is about giving nonprofit developers the tools they need to act quickly and strategically in a fast-moving real estate market,” said Governor Dan McKee. “By partnering with the Rhode Island Foundation and leveraging additional philanthropic dollars, we are tripling the impact of state bond funds and accelerating the development of affordable and supportive housing across Rhode Island.”
The program is a new initiative developed in response to barriers nonprofit developers face in today’s market. The new Site Acquisition Program will provide flexible, early-stage funding to eligible 501(c)(3) organizations through lines of credit, enabling them to acquire and hold property while assembling the full financing needed for housing developments. By strengthening nonprofit developers’ ability to secure site control, the program helps ensure that viable housing developments are not lost due to a lack of upfront capital. Over time, as properties move into permanent financing and funds are repaid, the program is designed to revolve, creating an ongoing source of acquisition funding that supports a sustained pipeline of housing development aligned with the McKee administration’s Housing 2030 goals.
“This revolving loan fund strengthens our housing development ecosystem by ensuring nonprofit partners have reliable access to acquisition capital at the earliest and most critical stage,” said Secretary of Housing Deborah Goddard. “By establishing a sustainable source of funding that can be reinvested over time, we are building a stronger pipeline of affordable and supportive housing. We are proud to partner with the Rhode Island Foundation and grateful for their extraordinary 2:1 match, which significantly expands the reach and long-term impact of this program.”
“The housing shortage that is driving record-high rents and home prices compels us to seek partnerships like this one that will literally open doors for more people. This bond funding will enable us to scale up our existing pre-development line-of-credit program for housing,” said David N. Cicilline, president and CEO of the Rhode Island Foundation. “We are looking forward to working with the Governor, the Executive Office of Housing, and the community partners that will use this program to create the affordable homes so many Rhode Islanders so desperately need.”
“As organizations working every day to provide high-quality, affordable homes to low- and moderate-income Rhode Islanders, nonprofit housing developers need access to flexible, early-stage capital to turn good ideas into real homes,” said Melina Lodge, Executive Director of the Housing Network of Rhode Island. “Too often, promising projects stall before they begin due to a lack of readily available funds to compete in a fast-moving market. The Site Acquisition Program is an important step forward—giving mission-driven organizations the tools to secure sites, advance projects with confidence, and deliver more affordable and supportive housing across Rhode Island. It also underscores the essential role nonprofit developers play in the housing ecosystem and the power of public-private partnerships to leverage public resources and attract private investment. Together, the State and the Rhode Island Foundation are investing in practical solutions with lasting impact, and the Housing Network applauds their efforts.”
Nonprofit developers interested in accessing acquisition financing through the Site Acquisition Fund can now apply through the Rhode Island Foundation. The program is open to eligible 501(c)(3) nonprofit corporations seeking to develop affordable or supportive housing in communities across the state.
For more information about eligibility requirements, program details, and how to apply, visit https://rifoundation.org/investing-in-a-thriving-rhode-island/impact-investing/early-stage-capital-program-lines-of-credit-for-non-profit-housing-developers.