Establishes a revolving fund to help first-time homebuyers and veterans purchase homes in Rhode Island with grants up to $40,000.

This bill creates a revolving fund to assist first-time homebuyers and veterans in purchasing homes in Rhode Island. The fund will provide grants of up to $40,000 to eligible applicants. To qualify, applicants must have a minimum credit score of 620, complete a homebuyer education course, and obtain a first-mortgage through a participating lender. The fund will be administered by the Rhode Island Housing and Mortgage Finance Corporation, which will also issue low-interest loans to applicants. The fund will be initially funded with an appropriation of $30,000,000.

Establishes a revolving fund to help first-time homebuyers and veterans purchase homes in Rhode Island with grants up to $40,000.

This bill creates a revolving fund to assist first-time homebuyers and veterans in purchasing homes in Rhode Island. The fund will provide grants of up to $40,000 to eligible applicants. To qualify, applicants must have a minimum credit score of 620, complete a homebuyer education course, and obtain a first-mortgage through a participating lender. The fund will be administered by the Rhode Island Housing and Mortgage Finance Corporation, which will also issue low-interest loans to applicants. The fund will be initially funded with an appropriation of $30,000,000.