Governor Dan McKee, in partnership with RIHousing, announced today that over 1300 Rhode Islanders have received support from the state’s Statewide Down Payment Assistance Program. The program, which launched in January of this year, offered $17,500 in down payment and closing cost assistance grants to eligible first-time homebuyers across the state. Given that the funds for this program have been exhausted, the program is now closed.
The Statewide DPA program was funded with $30 million of the more than $321 million in federal American Rescue Plan Act (ARPA) State Fiscal Recovery Funds reserved by Governor Dan McKee and the RI General Assembly in their historic investment to address housing issues in Rhode Island.
“Homeownership is one of the most important ways to build generational wealth and I’m proud that this program has helped so many Rhode Islanders achieve their dream of homeownership,” said Governor Dan McKee. “Programs like the Statewide Downpayment Assistance Program are key priorities of my administration as we work to create opportunities for Rhode Islanders to build wealth and invest in their future.”
The DPA program helped to address rising housing costs in today’s competitive market. Rhode Islanders across 37 municipalities benefitted from the grant. Of the grantees, over 50% were people of color, and almost 50% were female heads of households.
“We are grateful to Governor McKee and the General Assembly for providing much needed down payment assistance to more than 1,300 first time homebuyers in our state,” said Secretary of Housing Stefan Pryor, who serves as chair of the RI Housing board of commissioners. “Especially given the overheated nature of our housing market, this program was important and made a key contribution. We look forward to taking further steps to address our housing challenges going forward.”
RIHousing has acted as administrator for the $30 million in funding. Applications by prospective homebuyers that were submitted to RIHousing before the suspension will continue to be processed; it is estimated that over 1,650 Rhode Islanders will have received assistance from this program once the pipeline of applications is cleared.
“The Statewide Down Payment Assistance program was an incredible opportunity for first-time homebuyers living in Rhode Island,” said Carol Ventura, CEO of RIHousing. “This grant provided Rhode Islanders with the assistance they needed to achieve their dreams of homeownership.”
Grant applications that have been received and processed but have not yet closed will continue to be reviewed. Grant applicants may contact their Participating Lender or the RIHousing Loan Center with questions.
Those needing assistance in purchasing a home can visit www.rihousing.com/buyers/ to learn more about available first mortgage and down payment assistance programs.
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