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RI S2371
Bill
Status
1/30/2026
Primary Sponsor
Thomas Paolino
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AI Summary
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Creates the First-Time Homebuyers and Veterans Revolving Fund within the state treasury, with $30,000,000 in initial funding to provide down payment grants for home purchases in Rhode Island
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Provides dollar-for-dollar matching grants up to $40,000 for down payments on single-family homes or condominiums priced at or below the state median home price
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Requires applicants to have a minimum credit score of 620, complete a homebuyer education course, obtain a RI Housing first mortgage, and occupy the home as a primary residence
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Grants qualified applicants an interest rate 1% lower than standard RI Housing loan rates until refinancing, resale, or full repayment (not applicable to loans already at 4% or less)
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Defines eligible veterans as those with 180+ days of active duty in U.S. military branches, discharged under conditions other than dishonorable, including qualifying reservists and National Guard members
Legislative Description
Establishes a revolving fund to assist first-time home buyers and veterans to purchase a home in Rhode Island by issuing grants of up to forty thousand dollars ($40,000).
State Affairs And Government
Last Action
Introduced, referred to Senate Finance
1/30/2026