Realtor Foundation: RI, RIHousing announce new grant program for first-time homebuyers
Warwick, R.I. – January 21, 2025... The Realtor Foundation: Rhode Island and RIHousing are collaborating to offer a new down payment and closing costs assistance program to eligible homebuyers. The organizations announced the RI Realtors Homebuyer Grant program today, which will provide financial aid to assist in opening the door to homeownership for up to 52 families or individuals.
First-time homebuyers with current qualifying income limits under $90,560 can apply for a $1,000 grant. Those homebuyers who are also veterans or active military personnel are eligible for a $2,000 grant. The grants are immediately forgivable. Information can be found on RealtorFoundationRI.org or https://www.rihousing.com/ri-realtors-homebuyer-grant.
“The Rhode Island Association of Realtors is doing everything it can to help alleviate the housing shortage and the affordability problem that shortage has created,” said Philip Tedesco, Executive Director of Realtor Foundation: RI and CEO of the Rhode Island Association of Realtors. “From advocating for fewer barriers to homeownership as well as more development at the State House, to making much-needed funds available to help up to 52 families achieve the dream of homeownership in 2025. We’re really working at all levels to assist future homeowners.”
RIHousing, the state’s housing finance agency and one of Rhode Island’s leading lenders to first-time homebuyers, will be administering the Realtor Foundation’s program. In addition to this new grant, RIHousing offers a number of initiatives for first-time buyers, including the 15kDPA and the FirstGenHomeRI programs.
“Every bit helps for a first-time buyer purchasing a home. We’re happy to be working with Rhode Island’s Realtor Foundation on this new grant, which will reduce initial costs for new homebuyers,” said Carol Ventura, CEO & Executive Director of RIHousing. “We look forward to getting these funds to Rhode Islanders that are ready to make their homeownership dreams a reality.”
The RI Realtor Homebuyer Grant is available beginning today, January 21, 2025. Funds are limited and will be allocated on a first come, first served basis to eligible buyers. To learn more, please contact the RIHousing Loan Center or an RIHousing Participating Lender.
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About the Realtor Foundation: Rhode Island
The Realtor Foundation: Rhode Island, the charitable arm of the Rhode Island Association of Realtors assists eligible families and individuals that need help with home purchases, home repairs, and other housing-related needs. In addition, throughout the foundation’s history, the Foundation has also worked to support Rhode Island’s charitable organizations and in doing so, has helped enrich all Rhode Island communities. More information can be found on RealtorFoundationRI.org.
About RIHousing
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit RIHousing.com or follow us @RIHousing on Facebook, X (formerly Twitter) and Instagram.
MEDIA CONTACTS:
Christine Hunsinger | chunsinger@rihousing.com
Kerry Park | kerry@rirealtors.org