In an effort to combat rising housing costs and create more opportunities for first-time homebuyers, Governor Dan McKee has unveiled a new initiative: the RI Statewide Down Payment Assistance Grant. This program offers eligible Rhode Island residents up to $17,500 in down payment and closing cost assistance grants, with the goal of helping more individuals and families achieve the dream of homeownership. The program is being funded through a portion of the federal American Rescue Plan Act (ARPA) State Fiscal Recovery funds, with $30 million earmarked specifically to address housing issues in Rhode Island. To ensure the program is run efficiently and effectively, RIHousing will be serving as the program’s administrator.

For many first-time homebuyers, the cost of a down payment and closing costs can be a significant financial barrier to achieving homeownership. This program aims to address that issue by providing much-needed financial assistance to those who are eligible. By offering grants that do not need to be repaid, the program will make the upfront costs of purchasing a home more manageable for first-time buyers. The initiative is expected to make a significant impact on the local housing market, creating more opportunities for those who may have previously been unable to enter the market due to financial constraints.

Overall, the RI Statewide Down Payment Assistance Grant is a promising initiative that aims to make homeownership more accessible and attainable for first-time homebuyers in Rhode Island. With $17,500 in down payment and closing cost assistance grants available, the program is poised to make a real difference for those looking to take the first step toward homeownership.