Rhode Island Housing has rolled out a new program to help new homeowners purchase foreclosed properties.
The agency is offering loans up to $20,000 to cover the down payment for a first-time homebuyer. The loans are forgivable after 5 years.
Rhode Island Housing Director Barbara Fields says the program targets areas hardest hit by the foreclosure crisis, including Providence, Central Falls and Woonsocket.
It is really to take foreclosed home, those that are still abandoned, and a drag on some of our communities, and put the lights on, put them back into productive use, and stimulate the economy.
The first time homebuyer loan program is funded through $2.7 million in federal funding.