hey prescott.
See what you qualify for

City of Woonsocket First Home Down Payment Assistance Program

City of Woonsocket Department of Planning & Development, Housing & Community Development Division · Woonsocket, Rhode Island

Last verified
See what you qualify forOfficial program site →
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

Forgivable

Forgiven after 5 years

What is City of Woonsocket First Home Down Payment Assistance Program?

City of Woonsocket First Home Down Payment Assistance Program is a forgivable loan for homebuyers in Woonsocket, Rhode Island, administered by City of Woonsocket Department of Planning & Development, Housing & Community Development Division.

  • A HUD HOME-funded down payment assistance program administered by the City of Woonsocket that provides qualified first-time Woonsocket homebuyers with a no-interest loan of up to $7,500 toward the down payment on the purchase of their first home. The loan is structured as 50% forgivable (forgiven in a lump sum after a 5-year affordability period) and 50% deferred (repaid at sale, exchange, or transfer of title). Available first-come, first-served subject to funding availability.
  • Up to $7,500 in no-interest down payment assistance; 50% forgiven after 5 years and 50% deferred with no monthly payments.
  • This is a federal program, so it is available beyond a single state or city.
  • Funding comes from U.S. Department of Housing & Urban Development (HUD) HOME Investment Partnerships Program.

How much assistance does it provide?

City of Woonsocket First Home Down Payment 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 — City of Woonsocket Department of Planning & Development, Housing & Community Development Division determines any individual award.

Do you have to pay it back?

City of Woonsocket First Home Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by Deferred 50% portion repaid at sale, exchange, or transfer of title; if sold or defaulted before the 5-year affordability period expires, the entire HOME assistance becomes due (recapture limited to net proceeds per 24 CFR 92.254).
  • The assistance is recorded in second position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

City of Woonsocket First Home Down Payment 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
  • Property must be owner-occupied as primary/principal residence for the affordability period; eligible properties limited to residential single family 1-4 units; property must meet HUD/City Property Condition Standards before closing (City conducts a property condition assessment, including lead-based paint evaluation for pre-1978 homes); applicant must obtain an approved FHA, VA, or conventional first mortgage; HUD-approved homebuyer counseling course certificate required; no cash back to buyer; subsidy layering review required. Caveat: the income/purchase-price limits in the application package are dated 6/2022 and the City's current HOME page emphasizes the 'Safe at HOME' rehab program - applicants should confirm current funding availability and limits with the City. The City reserves the right to expand or terminate the program based on funding.

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?

City of Woonsocket First Home Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

  • Household income must not exceed 80% Area Median Income (AMI) for household size per HUD limits for Providence County (e.g., per the 6/2022 application package: 1 person $54,150; 4 persons $77,350; subject to change).
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

City of Woonsocket First Home Down Payment Assistance Program caps the purchase price as follows: Purchase price may not exceed HUD Homeownership value limits for Providence County (per application package: existing 1-unit $290,000, 2-unit $371,000, 3-unit $449,000, 4-unit $556,000; higher limits for new construction; subject to change).

Where does it apply?

City of Woonsocket First Home Down Payment Assistance Program is a federal program, so it is not limited to Rhode Island.

How do you apply?

Applications for City of Woonsocket First Home Down Payment Assistance Program go through City of Woonsocket Department of Planning & Development, Housing & Community Development Division, 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 City of Woonsocket Department of Planning & Development, Housing & Community Development Division 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.

90-second match

Not sure which you qualify for?

Answer 9 questions and we'll match you to every program you can actually use — in about 90 seconds. No SSN, no credit pull.

Find my programs