If so, would you like to declare independence from your Landlord? My guest this week was Cathleen Pannicia, Director of Homeownership at
Rhode Island Housing. We talked about what they can offer to first time homeowners. As the state's principal housing agency, RI Housing offers dozens of housing programs for low and moderate income Rhode islanders in the areas of homeownership, rental and special needs. Since 1973, Rhode Island Housing has invested billions in the purchase, construction or rehabilitation of houses and apartments in Rhode Island. That translates into over 60,000 homes and 14,000 low and moderate income apartments. There are limits on how much you can earn and how much you can spend on a home. In addition, in most cases you must be a first-time home buyer. That is someone who has never owned a home or has not had an ownership interest in his or her principal residence during the past three years.
In most of Rhode Island, your household income cannot exceed: 1: $81,200 for households of one or two persons. 2: $93,300 for households of three or more persons.
In most of Rhode Island, you can buy a house that costs no more than: 1: $374,000 for single family homes or condos. 2: $400,000 for existing two-family homes. 3: $500,000 for existing three- and four-family homes.
To encourage homeownership in certain areas of Central Falls, Newport, Pawtucket, Providence and Woonsocket, your household income can be as high as: 1: $97,400 for households of one or two persons. 2: $113,500 for households of three or more persons.
In those targeted areas, you can pay as much as: 1: $450,000 for single family homes or condos. 2: $500,000 for existing two-family homes. 3: $500,000 for newly built two-family homes. 4: $600,000 for existing three- and four-family homes.
Not all of Rhode Island Housing's resources go to helping first-time homebuyers and financing the construction of affordable apartments. They also provide loans and services to help homeowners maintain and retain their homes. Clean up hazardous lead paint and make energy-efficient improvements.
This Week's Real Estate Insight: For more than 30 years, Rhode Island Housing has been making it easier for people to make Rhode Island their home. Whether you are looking to buy a home or fix up the home you already own, Rhode Island Housing offers an extensive line of products and services to help you afford to do so.
