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Homebuyer Down Payment Assistance
Mayor Susan D. Menard is pleased to announce the
Healthy Homebuyer Down payment Assistance Program for lower-income,
first-time home buyers.
Up to $5,000 in closing cost assistance plus $5,000 in down-payment
assistance is available to income-eligible buyers. the assistance
is available as a partially forgivable, no-interest loan. Repayment
is deferred until the sale or transfer of the property.
Using the
income-eligibility standards established by the US Department of
Housing and Urban Development, low income recipients repay 50% of
the total loan and recipients with very low income repay 30% of the
total loan.
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Program
participant may not exceed the following income limits.
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| Family
Size |
Low
Income |
| 1 |
$41,000 |
| 2 |
$46,850 |
| 3 |
$52,700 |
| 4 |
$58,550 |
| 5 |
$63,250 |
| 6 |
$67,900 |
| 7 |
$72,600 |
| 8 |
$77,300 |
A restriction is placed on the property deed
to protect the City's investment in affordable housing. The lien
remains in effect until loan repayment.
Recipients must
complete a certified HOME Buyers class and make the property their
principal residence. The residence may be one to four units, and
the value may not exceed 95% of the median area purchase price as
determined by the City. The residence must meet all state and local
housing codes, including lead-based paint hazard reduction
requirements. Lead-based paint hazard reduction laws require the
home to be free from lead hazards prior to occupancy.
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For More Information |
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Contact - |
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Rita Cicchitelli,
Program Manager
Phone: 401-767-9228/Fax:
401-766-9312 |
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City of Woonsocket |
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Department of Planning &
Development |
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169 Main Street |
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Woonsocket, RI 02895 |
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