“Bridge to the Past,” Government Policy Award, Rhode Island Housing and Mortgage Finance Corp
Rhode Island Housing and Mortgage Finance Corporation’s Bridge to the Past program has had a positive impact on preservation and affordable housing initiatives throughout the city. This important program encouraged the preservation of historic properties by providing short-term bridge financing that enabled developers to take advantage of the new State Investment Tax Credit. RIHMFC worked actively with the state historic preservation office to draft program regulations that would make the tax credit usable for affordable housing developers. While investors were being educated about the new tax credits, RIHMFC stepped in to provide needed bridge financing on this new, untested program. Their willingness to do so enabled numerous projects to move forward. The organization is being honored for its willingness to take the lead in making the new tax credit program work for affordable housing.