Dear RIHEBC Borrower:
We hope to help our borrowers who are struggling financially during these unprecedented times. The RIHEBC Board of Directors has authorized an initial Emergency Loan Program. Subject to the availability of funds, and if your application is accepted and approved, RIHEBC will loan you funds to be used for debt service payments on your existing RIHEBC bonds. The amount and the repayment terms will be determined based upon RIHEBC’s assessment of your specific situation and subject to certain limitations of the Emergency Loan Program. The maximum loan amount is $250,000. Pursuant to the Emergency Loan Program:
1) RIHEBC will pay your debt service payments as they come due for a time period to be determined (the “Relief Period”);
2) Loan repayments will commence thirty (30) days after the Relief Period. The first three (3) to six (6) months of repayment will be interest-only, as determined by RIHEBC. Your loan payments and length of repayment will be determined based upon your financial situation. In no event will the term of repayment exceed five (5) years;
3) All loans will be demand loans;
4) You will covenant to notify RIHEBC if you are approved for any kind of state or federal stimulus funding.
Please click here for more specific terms, conditions, limitations. If you wish to apply for a RIHEBC Emergency Loan, please click here for the application which may be submitted electronically as instructed therein.
Nothing herein shall be construed as a commitment to provide financing. All Emergency Loans are conditional upon the approval of the RIHEBC Executive Director, the execution of legally binding documents acceptable to all parties, and the successful closing of the transaction.