The Down Payment & Closing Cost Assistance Program

The Housing Network of Rhode Island, in partnership with the City of Providence, offers up to $20,000 of Down Payment and Closing Cost Assistance to income eligible homebuyers purchasing in the City of Providence.

Applicants to this program MUST:

  • Have a signed Purchase and Sales agreement
  • Contribute $1,500 of their own funds to the transaction
  • Pay an application fee of $200
  • Be purchasing a 1-3 family home in the City of Providence
  • Live in the home as primary residence
  • Have a signed Purchase and Sales agreement
  • Have a household income at or below 80 percent of area median income (AMI)

* For eligibility purposes, all persons residing in the owner occupied unit and all sources of income are counted.

Household Size To qualify for $10,000 To qualify for $20,000
1 $45,850 $40,145
2 $52,400 $45,850
3 $58,950 $51,590
4 $65,500 $57,330
5 $70,750 $61,915
  • Complete 8 hours of HUD Approved Homebuyer Education prior to closing
  • If purchasing a multi-family, complete a 3 hour Landlord class AND the 3 hour Lead Hazard Awareness seminar
  • Meet the programs current underwriting standards for front end (35%) – and back- end (45%) ratios.

For a property to be eligible under this program, the purchase price cannot exceed the following limits:

Unit # Existing Homes: New Construction:
Single Family $220,000 $295,000
Multi Family – 2 Units $282,000 $378,000
Multi Family – 3 Units $342,000 $458,000