NEW: RI Housing Launches First Time Homeowner Tax Credit

Tuesday, July 29, 2014

 

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Rhode Island Housing and its lending and real estate partners are launching a program that will save first-time homebuyers as much as $2,000 a year.

“The savings derived from Rhode Island Housing’s new tax credit program will pave the way for more Rhode Islanders to buy a home,” Governor Lincoln D. Chafee said. “I commend Rhode Island Housing for joining with its lending partners and implementing a plan that invests in our cities and towns and will have an economic impact throughout the state.”

About the Program

The program, called "The FirstHomes Tax Credit," is a tax credit program that owners will claim on their annual federal tax returns.  The program is only available to new homebuyers purchasing homes in select areas within the state, but the credit can be claimed every year for the life of the mortgage as long as the homebuyer is still living there.

Over $93 million in tax credits are available through the program on a first-come, first-serve basis. Rhode Island Housing and FirstHomes Tax Credit Lenders are already accepting applications for the program, and they anticipate the ability to issue credits through to the end of 2015. 

To learn more about the FirstHomes Tax Credit program, visit www.firsthomestaxcredit.org or call Rhode Island Housing at 401-457-1101. To learn more about Rhode Island Housing’s many other loan options and programs, visit www.loans.rhodeislandhousing.org.   

 
 

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