R.I. Housing launches payment-assistance program

PROVIDENCE – Rhode Island Housing last week launched a new down payment-assistance program, intended to attract and keep college graduates trying to purchase a first home.

The Ocean State Grad Grant program will provide up to 3.5 percent of a home’s purchase price, or up to $7,000, in the form of a forgivable second mortgage. The grant is forgivable once the house is owned for five years.

Graduates of associate degree, bachelor’s degree, master’s degree and doctoral programs are eligible if they apply within 36 months of their graduation date. The programs must be recognized by the U.S. Department of Education, and are not restricted to Rhode Island institutions.

Homeowners must be purchasing a first house, condominium or up to a four-family structure, and must have an annual household income of less than $89,280 for a one- or two-person household, or $104,160 for homes with three or more occupants. •

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