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.

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.

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.

Central Falls Closing Cost Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. 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.

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.

Central Falls Closing Cost Assistance Program serves homebuyers purchasing in Central Falls, Rhode Island. The program gives priority to designated target areas, so the address matters as well as the county.

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