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Central Falls Closing Cost Assistance Program

Pawtucket Central Falls Development (PCF Development), in partnership with the City of Central Falls · Central Falls, Rhode Island

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Assistance

$7,500

The maximum the program publishes — not an offer

Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Grant

Not repaid

What is Central Falls Closing Cost Assistance Program?

Central Falls Closing Cost Assistance Program is a grant for homebuyers in Central Falls, Rhode Island, administered by Pawtucket Central Falls Development (PCF Development), in partnership with the City of Central Falls.

  • In partnership with the City of Central Falls, Pawtucket Central Falls Development (PCF Development) offers a Closing Cost Assistance Program to eligible first-time homebuyers purchasing a home in the City of Central Falls. Eligible homebuyers receive up to a maximum of $7,500 based on demonstrated need, available on a first-come, first-served rolling basis until funds are committed.
  • Up to $7,500 in closing cost / down payment assistance based on demonstrated need; can be combined with IDA, FSS, matched-savings, or other down payment and closing cost programs.
  • This is a federal program, so it is available beyond a single state or city.

How much assistance does it provide?

Central Falls Closing Cost Assistance Program offers up to $7,500 in assistance.

  • The program can be combined with other assistance, subject to the rules of each.
  • Amounts are the program's published maximums, not an offer — Pawtucket Central Falls Development (PCF Development), in partnership with the City of Central Falls determines any individual award.

Do you have to pay it back?

Central Falls Closing Cost Assistance Program is structured as a grant, so it is not repaid.

  • Repayment is triggered by Prorated recapture if the home is sold or the owner no longer meets the City homeowner exemption requirements within the 5-year retention period.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Central Falls Closing Cost Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — the program sets its own definition
  • The home is occupied as a primary residence
  • A completed homebuyer education course
  • Applicant must have a fully executed Purchase & Sales Agreement for a property in Central Falls; must occupy the home as primary residence; must complete a HUD-approved 8-hour homebuyer education program; if purchasing a multi-family home, a 4-hour Landlord/Tenant Workshop is required. Five-year retention period: if the homebuyer no longer meets the City of Central Falls homeowner exemption requirements or sells the dwelling before the period ends, a prorated portion of the grant is recaptured. Application packages available at the PCF Development office, 204 Broad Street, Pawtucket.

The program excludes

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Central Falls Closing Cost Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

  • Individual/household total earnings must be at or below 80% of the area median income for Central Falls.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Where does it apply?

Central Falls Closing Cost Assistance Program is a federal program, so it is not limited to Rhode Island.

  • The program gives priority to designated target areas, so the address matters as well as the county.

How do you apply?

Applications for Central Falls Closing Cost Assistance Program go through Pawtucket Central Falls Development (PCF Development), in partnership with the City of Central Falls, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

  2. Contact Pawtucket Central Falls Development (PCF Development), in partnership with the City of Central Falls to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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