PROVIDENCE — Mayor Vincent A. Cianci, Jr. announced last week the establishment
of a pilot mortgage-assistance program for city employees that will encourage
home ownership among police, fire, school and municipal department employees.
The City of Providence Employee Advantage Homebuyer Program, along with Citizens
Bank, will begin taking applications on Feb. 12 and offer eligible employees a
wide range of incentives to purchase properties in targeted Providence neighborhoods.
Cianci said the city has dedicated $500,000 of its Neighborhood Improvement Bond
to the program, which also includes a home improvement program. Cianci said the
object of the program is to encourage full-time city employees to live in Providence
and improve neighborhoods.
Cianci said the City of Providence Employee Advantage Homebuyer Program will offer
eligible municipal employees who are buying a single or multi-family home or condominium
as a primary resident in Providence a $5,000 to $15,000, zero percent interest
loan. Loans would be used for down payments, closing costs or mortgage reduction.
Those remaining in their homes for six years or more will have 20 percent of the
loan forgiven each year. The city will also offer a home improvement loan of up
to $10,000 at 6 percent interest.
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