R.I. Housing launches program to assist first-time homebuyers

MORE THAN 330 people have registered for a down-payment assistance program through R.I. Housing. /COURTESY BLOOMBERG/DERICK E. HINGLE
MORE THAN 330 people have registered for a down-payment assistance program through R.I. Housing. /COURTESY BLOOMBERG/DERICK E. HINGLE

PROVIDENCE – More than 330 prospective homebuyers have registered for the First Down program recently launched by R.I. Housing.

The program provides up to $7,500 in down-payment assistance to qualified, first-time homebuyers.

The program is structured as a forgivable loan, with the expectation that borrowers repay it depending on how many years they remain in the home.

Purchases made in cities and towns hard-hit by the foreclosure crisis are eligible. They include the following communities: Cranston, East Providence, Pawtucket, Providence, Warwick and Woonsocket.

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According to a recent announcement by R.I. Housing, a total of 335 people had registered for the program as of mid-August.

The down-payment assistance is available to people purchasing condos, or a one- to four-family home. The property cannot be used for investment purposes only. It must be the primary residence of the borrower.

For more information, visit the R.I. Housing website at www.rihousing.org.

Mary MacDonald is a PBN staff writer. Email her at MacDonald@PBN.com, or you can follow her on Twitter @MaryF_MacDonald.

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