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Bill > S2349
RI S2349
RI S2349Establishes a revolving fund to assist first-time home buyers and veterans to purchase a home in Rhode Island by issuing grants of up to forty thousand dollars ($40,000).
summary
Introduced
02/12/2024
02/12/2024
In Committee
02/12/2024
02/12/2024
Crossed Over
Passed
Dead
06/30/2024
06/30/2024
Introduced Session
2024 Regular Session
Bill Summary
This act would establish a revolving fund to assist first-time homebuyers and veterans to purchase a home in Rhode Island by issuing grants of up to forty thousand dollars ($40,000). The revolving fund would be administered by the Rhode Island housing and mortgage finance corporation. This act would also authorize the Rhode Island housing and mortgage finance corporation to issue low interest loans to applicants who qualify for the grants. The act would also provide for an initial appropriation of thirty million dollars ($30,000,000) to establish the revolving fund. This act would take effect on July 1, 2024.
AI Summary
This bill establishes a revolving fund to assist first-time homebuyers and veterans in purchasing a home in Rhode Island by issuing grants of up to $40,000. The fund would be administered by the Rhode Island Housing and Mortgage Finance Corporation (RI Housing) and would provide a dollar-for-dollar match for down payments. Applicants must meet certain eligibility criteria, such as having a minimum credit score of 620 and completing a homebuyer education course. The bill also authorizes RI Housing to offer low-interest loans to qualifying applicants. The bill provides an initial appropriation of $30 million to establish the fund and would take effect on July 1, 2024.
Committee Categories
Budget and Finance
Sponsors (10)
Thomas Paolino (R)*,
Jonathon Acosta (D),
Sandra Cano (D),
Frank Ciccone (D),
Matt LaMountain (D),
Tiara Mack (D),
Elaine Morgan (R),
Ryan Pearson (D),
Roger Picard (D),
Ana Quezada (D),
Last Action
Committee recommended measure be held for further study (on 04/30/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText24/SenateText24/S2349.pdf |
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