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.