Economy
4:56 pm
Tue July 29, 2014

New Tax Credit Program Aimed At Encouraging First Time Home Buyers

A new program is launching to make it easier for first time homebuyers in the Ocean state. The program offers up to two-thousand dollars a year in tax credits for the life of a mortgage to eligible individuals.

Rhode Island Housing Director Richard Godfreys at the event launching the program offering tax credits to first time home buyers.
Rhode Island Housing Director Richard Godfreys at the event launching the program offering tax credits to first time home buyers.
Credit John Bender / RIPR

The program is run through a partnership between the non-profit Rhode Island Housing, and various mortgage lenders. So far 41 people have applied for the program.  Governor Lincoln Chafee says it will help Rhode Island on the road to economic recovery.

“Having that first ownership is a critical step out of the rental market into the ownership of their first home, and from there it leads, so often, into subsequent houses," said Chafee.

Buyers do not need to be purchasing a home for the first time to be eligible for the program if they are buying in neighborhoods in certain parts of the state. Those places include areas of Pawtucket, Providence and Central Falls.

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