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Woonsocket Expands First Time Home-buyer Assistance

City offers $15,000 down payment aid to first-time buyers.

 

Mayor Leo T. Fontaine has announced that the City of Woonsocket is expanding the City’s down-payment assistance program.

Effective immediately, the program, First Home, is offering eligible applicants $15,000 in the form of a two-part, no-interest loan: $5,000 is forgiven after five years of ownership and the remaining $10,000 balance is repayable when and if the property is sold.

The program is funded through the federal agency Housing and Urban Development (HUD), said Susan DiColella, the program director. Hopefully, she said, this will make buying a home in the city more affordable for more people.

Applicants must meet the US Department of Housing & Urban Development household income guidelines, which are $42,350 for a single person; $48,400 for a two-member household; $54,450 for three; $60,500 for four; $65,350 for five; $70,200 for six; $75,050 for seven; and $79,900 for eight.

Additionally, owners must occupy the properties purchased and meet minimum housing and lead-paint standards. For more information and an application, call the Department of Planning & Development, City Hall, 401-767-9228, or visit the City website at www.ci.woonsocketri.us.

English first July 19, 2012 at 10:49 AM
Every town and city must collect taxes on real estate. In Woonsocket, with property values so low, a young family can buy a home , pay taxes, and still get a decent deal . Other towns might be out of reach. The tax rate might be higher in Woonsocket ... but the pendulum will swing the other way in the future.
HH July 19, 2012 at 12:38 PM
And your comment is based on what evidence?The tax rate will keep climbing,that's the long term trend right now with the phase out of the homestead exemption and the new water plant and there are no good jobs here.Hope is a good thing but everything is trending down at the national level as well.I really hope i'm wrong,but i don't see any evidence of a recovery.
English first July 19, 2012 at 01:07 PM
HH. I am not a math wiz. But having bought and sold several houses in good and bad times I have a bit of experience. Here is a chart that might help. As I say I cannot say this chart exactly explains the market but it is a google search result. http://www.forecast-chart.com/home-prices-ri.html
give me a break July 19, 2012 at 02:40 PM
sign oops
Karen April 11, 2013 at 11:35 PM
I have an adorable 2 family home for sale. My husband and I no longer live in it and don't want to be landlords. I have done the math and it would be possible for someone to own my home, rent one apartment and with mortgage, taxes and insurance only have to pay about $100 a month to live in it. That is just not possible in many places other than Woonsocket. The taxes may be a bit high but home prices are much lower than surrounding areas.

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