Providence Revolving Fund
The Providence Revolving Fund (PRF) established in 1980, as an independent non-profit corporation, with the mission of preserving historic buildings and places of cultural significance by providing lending and services to promote equitable neighborhood revitalization.
The PRF model focuses on providing investment to neighborhoods where the plurality of the residents are People of Color and/or low-income and where the building stock is historic (over 50 years old).
- Protect Rhode Island’s architectural culture using the principles of historic preservation
- Promote social equity through lending and services that promote access to housing and economic opportunity
- Stimulate equitable community revitalization that reflects neighborhood values
- Embrace continuous improvement, bold creativity and change in programming and operations
We currently have three funding pools:
- Our Neighborhood Loan Fund ($3 million) provides financing to homeowners for the repair of properties in low- and moderate-income Historic Districts.
- The Opportunity Investment Fund ($10 million) provides financing for development projects that have an affordable housing component targeting incomes between 60 -140% AMI and/or are located in low- and moderate-income neighborhoods.
- Commercial Corridors Fund (PRF-capitalized revolving fund) provides small loans to micro-businesses located on or near commercial corridors in Providence.