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SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer)

SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT · Providence, Rhode Island

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Repayment

Shared appreciation

Settled on the terms set by SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT

What is SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer)?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) is a shared-appreciation loan for homebuyers in Providence, Rhode Island, administered by SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT.

  • SWAP, Inc. is a Providence nonprofit community development corporation (founded 1975) that develops and builds entry-level homes for sale to low- and moderate-income first-time buyers, with affordability preserved through its SWAP Community Land Trust. Its 'Build a Buyer' program consolidates SWAP's financial literacy and homebuyer-counseling services, pairing a HUD-approved 8-hour homebuyer education course with one-on-one credit/financial coaching (the Individual Workout Program) to move clients from renters to successful homeowners. SWAP is a HUD-approved housing counseling agency.
  • Below-market entry-level homes for sale.
  • Permanently affordable homeownership via SWAP CLT.
  • HUD-approved 8-hour homebuyer education.
  • One-on-one financial/credit coaching (Individual Workout Program).
  • Landlord/tenant education for multi-family buyers.
  • Funding comes from SWAP Inc. / SWAP CLT (nonprofit CDC), bank loans and limited government subsidy.

Do you have to pay it back?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) is a shared-appreciation loan and is repaid under the terms set by SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT.

  • Repayment is triggered by For CLT homes, resale is governed by the SWAP CLT ground lease, which restricts the resale price to keep the home affordable for the next income-qualified buyer.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) 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
  • On credit: Not published; buyers receive credit counseling through SWAP's Individual Workout Program and must qualify for a mortgage.
  • A completed homebuyer education course, through SWAP 4-week homebuyer education course (HUD-approved, 8 hours); SWAP Individual Workout (IWO) one-on-one credit/financial coaching; SWAP Landlord/Tenant 3-hour course for multi-family buyers. Register at (401) 272-0526.
  • DRAFT (dpa-gap-finder 2026-06-15): pending review. This is a nonprofit affordable-homeownership / Community Land Trust program plus HUD-approved homebuyer counseling, NOT a cash down payment assistance grant or loan. Completion of SWAP's homebuyer education is part of the path to purchase. UNCONFIRMED on the official site: exact income limits / %AMI, max purchase price, minimum credit score, DTI, lien position, and which specific homes are CLT vs. fee-simple; verify directly with SWAP at (401) 272-0526.

The program excludes

  • Manufactured homes

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?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) sets its income limit as follows: Restricted to persons of low and moderate income (per SWAP's mission); specific income limits/AMI percentage are not published on the official site and vary by development and funding source.

  • The limit applies to total household income, not only the borrower’s.
  • 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?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) caps the purchase price as follows: Entry-level / below-market homes; price reduced for CLT homes because the SWAP CLT retains the land. Specific prices not published online.

  • Eligible property types include Single Family, Condo, and 2-4 Unit.
  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) serves buyers purchasing in Providence, Rhode Island.

How do you apply?

Applications for SWAP Inc. Community Land Trust Affordable Homeownership (Build a Buyer) go through SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT, which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through SWAP 4-week homebuyer education course (HUD-approved, 8 hours); SWAP Individual Workout (IWO) one-on-one credit/financial coaching; SWAP Landlord/Tenant 3-hour course for multi-family buyers. Register at (401) 272-0526..

  2. Contact SWAP Inc. (Stop Wasting Abandoned Property) / SWAP CLT to reserve funds

    Funds are reserved through Contact SWAP at (401) 272-0526; intake system gathers a financial baseline for each prospective buyer, 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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