It becomes especially true for first-generation homebuyers,” said Carol Ventura, Executive Director of RIHousing. “Barriers to homeownership exist for many low income and minority borrowers. “Homeownership is a pivotal step towards wealth building, and it is especially impactful when we can advance equity in our state. I commend RIHousing on their leadership on this important program as we continue to roll out additional housing supports in the near future.” “FirstGenHomeRI can make homeownership a reality for families who historically have been denied such opportunities to build wealth and achieve economic stability through housing,” said Deputy Secretary of Commerce for Housing Joshua Saal. The resulting wealth and stability that comes from owning a home can open opportunities for homeowners, their children and future generations. Studies show that when parents own a home, their children are more likely to own a home. The FirstGenHomeRI program was developed to address multi-generational inequities in access to homeownership and create equity in the housing market by narrowing homeownership and wealth gaps in the state. “I’m honored to stand with Governor McKee as we make this announcement and support an effort that addresses the inequities and barriers to homeownership that exist for low-income and minority communities.” “First generation homebuyers deserve the opportunity to put down roots in Rhode Island and benefit from the stability owning a home can provide,” said Lt. “Down payment assistance programs targeted at opening the doors to homeownership to first-generation buyers can help reduce the racial wealth gap and are a down payment on our future: the future of Rhode Island families and their ability to live and thrive in our state.” “Access to homeownership opportunities has significant implications for family outcomes,” said Governor McKee. More from a press release from Governor McKee’s office Available to Rhode Island residents currently living in specific areas of the state, the pilot program offers $25,000 for down payment and closing costs. The program targets first-generation buyers by addressing inequities and barriers to homeownership while boosting the long-term, economic outlook for families who have historically not pursued homeownership. Today, Governor Dan McKee joined RIHousing to announce the launch of a new pilot program, FirstGenHomeRI, aimed at helping to open the doors to homeownership for first-generation homebuyers.
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