Bill > S2371

This bill establishes a "first-time homebuyers and veterans revolving fund" to help eligible individuals purchase a home in Rhode Island by providing grants of up to $40,000 for down payments. The Rhode Island Housing and Mortgage Finance Corporation (RI Housing) will administer this fund, which will be initially funded with $30 million and can also receive donations. To qualify for a grant, applicants must have a credit score of at least 620, complete a homebuyer education course, obtain a RI Housing-funded mortgage, and occupy the home as their primary residence. Additionally, eligible grant recipients can receive a special low-interest loan from RI Housing, which is 1% lower than their standard rates for other buyers, provided the loan's interest rate is above 4%. A "veteran" is defined as someone who served at least 180 days on active duty with a qualifying branch of the U.S. military and was honorably discharged, with specific provisions for reservists, National Guard members, and those with service-connected disabilities. This act is set to take effect on July 1, 2026.

Budget and Finance

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