Bill > H5952

This bill establishes a Home Ownership Assistance Account administered by the Rhode Island Housing and Mortgage Finance Corporation to expand homeownership opportunities for low-income and underserved populations. The account will be funded by 25% of monies from a specific statutory source and will focus on providing grants and support for down payment assistance, homeownership programs, and initiatives specifically targeting households at or below area median income. The bill prioritizes assistance for historically marginalized groups, including persons over 65, people of color, indigenous persons, persons with disabilities, veterans, and agricultural workers. The corporation will develop policies to disburse funds that emphasize long-term affordability, generational wealth building, and strategies to increase homeownership rates among persons of color. Specific grant uses include program administration, down payment assistance, homeownership training, and qualifying services, with a strict prohibition on using funds for general organizational operations. The bill aims to create comprehensive support for first-time homebuyers and address systemic barriers to homeownership by providing targeted financial and educational resources to low-income and underrepresented communities.

Housing and Urban Affairs

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