PROVIDENCE – R.I. Housing and Mortgage Finance Corp., working with a network of lenders, approved $371 million in loans to homebuyers in 2017 in the agency’s 45th year, its highest closing volume in history, the quasi-state agency said in its 2017 Annual Report released Tuesday.
R.I. Housing estimated it had an $839 million impact on the economy in 2017, a 28 percent increase from 2016. They also estimated the organization supported 815 jobs using National Association of Realtors and agency data.
The agency said it financed $257 million in development costs, of which $111 million was for first mortgages, $72 million was in public-private funding, $71 million was in Low Income Housing Tax Credit funds and $3 million was in grants and loans.
“2017 was an amazing year for RIHousing and its partners. Together we invested hundreds of millions of dollars in developments across the state, launched new programs to expand our reach and put Rhode Islanders back to work. Most Importantly, we helped thousands of individuals and families find a place to call home,” said R.I. Housing Executive Director and board chairman Barbara G. Fields in a statement.
The agency’s First Down program provided $5.3 million in loans to 710 first-time homebuyers.
The agency also facilitated $26 million to 141 homebuyers for purchase-rehab loans in 2017 and $10 million in down payment and closing cost assistance to 1,274 new homeowners.
“While we have achieved many successes this year, this is not the time to slow down,” said Fields, echoing her message in a recent sit-down with PBN. “It’s time to dig in and tackle the challenges that lie ahead. One of those things is our state’s growing housing shortage, which impacts families of all income levels and, if ignored, could undermine our state’s economic progress. The time to expand and strengthen our housing stock is now.”
R.I. Housing also included a profile of its average homebuyer for 2017:
It said the average age of a homebuyer that worked with R.I. Housing in 2017 was 37 years old with an average annual household income of $66,000. The average credit score of an R.I. Housing homebuyer was 687 and the average sales price of a home was $197,000.
Chris Bergenheim is the PBN web editor.
