RI – Mayor Jorge Elorza today announced funding opportunities for residents
looking for both down payment assistance for home purchases and loans for home repairs.
City of Providence is making significant investments in its homeowners and
homebuyers,” said Elorza. “We are building stronger communities by offering
these loans and assistance programs and would like for eligible residents to
take advantage of them.”
Community Development Block Grant (CDBG) and HOME Investment Partnerships
funding through the U.S. Department of Housing and Urban Development (HUD) have
become integral tools in the redevelopment of communities in Providence and
have emerged as a supplemental tool to the EveryHome program, aimed at
eliminating abandoned properties in Providence.
many, the American Dream has been home ownership,” said Acting City Council
President Sabina Matos. A significant barrier to home ownership is often having
enough money for the down payment or being able to cover closing costs. With
this funding from the CDBG and HUD, qualified residents will be able to gain
access to funds that will help them achieve their goal of home security.”
year, the city receives funding from the federal government to help revitalize
local communities by providing safe housing, suitable living environments and
expanded economic opportunities, principally for low and moderate-income residents.
This funding allows the City to provide grants for Down Payment and Closing
Cost Assistance, administered by the Housing Network of Rhode Island, and Home
Repair programs through the City’s Community Development Division.
Housing Network of Rhode Island is pleased to be partnering with the City of
Providence again to offer this program,” said Melina Lodge, Executive Director
of the Housing Network of Rhode Island. “Access to Down Payment and Closing
Cost Assistance is an important tool for putting homeownership opportunities
within reach of low-income residents and we commend the mayor’s leadership in
making this investment.”
Payment and Closing Cost Assistance is a deferred-payment loan to cover
down-payment or closing costs. Assistance is available to homebuyers that meet
HUD income limits who purchase a 1-3 family home or condominium. Loans are
affordability-restricted and properties must be the owners’ primary residences.
The program is also restricted to those who can commit to staying in the
property for at least five years.
Down Payment and Closing Cost Assistance program is scheduled to launch on
January 15, 2018. Funding is extremely limited and will be awarded on a first
come, first serve basis to eligible households. Applications
are available online through the Housing Network of Rhode Island or in
person by visiting the Housing Action Coalition of RI at 1070 Main Street,
CDBG Home Repair Loan Program, made possible with the support of the Providence
City Council, helps qualified homeowners perform a variety of home improvement
projects, including emergency roof replacements, heating system replacements
(in some cases, clients living without heat) and correction of code violations.
funding assistance is in the form of a 0% interest, deferred payment loan for
up to $25,000. Payment becomes due upon sale, change of primary residence, refinancing
with cash out, debt consolidation or transfer of the property title.
for the Home Repair Program are processed on a first-come, first-serve basis
unless an emergency situation exists that warrants prioritization (ex. no heat,
no running water). Applications
are available online through the City’s Division of Community Development or in
person by visiting the Joseph A. Doorley, Jr. Municipal Building at 444
Westminster Street, Providence, RI.