Providence Down Payment Assistance Program

Rolling

City of Providence & Housing Network of Rhode IslandRIFirst-Time Homeowner

state

Updated: Nov 29, 2025

Summary

The Providence Down Payment Assistance Program offers income-eligible first-time buyers in Providence a forgivable, zero-interest loan of up to $20,000 to cover down payment and closing costs, making urban homeownership far more attainable.

Eligibility

First-time homebuyers purchasing a 1–3 unit home or condo in the City of Providence whose household income is at or below 80% of Area Median Income, who will occupy the home as a primary residence, complete at least 8 hours of HUD-approved homebuyer education (plus landlord and lead-hazard training for multi-family buyers), contribute at least $1,500 of their own funds, and have a signed purchase and sales agreement for an eligible property.

Full Description

This dedicated landing page explains that the program is a partnership between the City of Providence and the Housing Network of Rhode Island created to help everyday Rhode Islanders overcome the upfront cost barrier of buying a home in Providence. Qualified first-time buyers can receive a deferred, non-amortizing loan at 0% interest that covers down payment and closing expenses; the assistance is tailored to income bands, offering up to $20,000 for households at or below 70% of AMI and up to $10,000 for those between 70% and 80%, with no loans under $2,500. There are no monthly payments, and the loan is fully forgiven if the homeowner maintains the property as their primary residence for a compliance period of five years for assistance under $15,000 or ten years for larger awards, but early sale, improper refinance, or violation of program terms triggers full repayment. Borrowers must contribute at least $1,500 of their own funds, complete a HUD-approved 8-hour homebuyer course (plus landlord and lead classes for multi-unit purchases), and sign a purchase and sales agreement for a 1–3 unit home or condo located in Providence. Framed as a straightforward, consumer-friendly program with clear terms, Providence DPA is marketed as a way to move from renting to owning in the city with a manageable amount of savings and strong support from local housing partners.

Apply on official siteUpdated Nov 29, 2025

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