PROVIDENCE – A $2 million program aimed at Rhode Island homeowners who are struggling to make on-time mortgage payments launched this week, according to R.I. Housing and Mortgage Finance Corp.
The program uses federal funds as part of the Hardest Hit Rhode Island program.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
Borrowers who are eligible must have had unemployment or under-employment due to the COVID-19 pandemic.
The Hardest Hit program was established shortly after the Great Recession ended, as a means to help homeowners avoid losing their houses to foreclosure. In the last recession, the program was used to help almost 6,000 families, according to RI Housing.
Under the program, homeowners who are eligible can obtain a five-year, no-interest, forgivable loan that will cover up to six months of mortgage payments.
All borrowers had to have been current on their mortgages as of March 1. Income criteria also apply.
Funds for the program will be reserved on a first-come, first-served basis.
Visit www.rihousing.com/HHFRI for more information.
Mary MacDonald is a PBN staff writer. Contact her at macdonald@pbn.com.
