The FirstHomes100 products offer all the benefits of our FirstHomes loans with: 100% financing 100% local service 100% personal attention and support through the life of the loan All of this comes with the security of knowing that Rhode Island Housing will service the loan and provide free counseling, education, and other services.

FirstHomes100+ mortgages offer the best of both worlds for purchase/rehab customers. They provide all the benefits of our FirstHomes100 mortgages PLUS the money to complete repairs or improvements, all together in one transaction.

FirstHomes100+ is the best product for homes that need renovating because it:

• Incorporates purchases and repairs into one transaction, eliminating the need to re-apply for a home repair loan later, which would likely have a higher rate and payments and may be difficult to secure.

• Allows the homebuyer to qualify and secure all financing needed to buy and renovate the home in one closing.

• Gives a clear, in-depth assessment of the condition of the home, minimizing the risk of inconvenient, expensive or even dangerous surprises.

• Includes a written plan of work along with projected costs, and the services of a consultant approved by the U.S. Department of Housing and Urban Development (HUD) who works with the homeowner every step of the way until the work plan is completed.

For more information on
how FirstHomes100 and FirstHomes100+ can help you, please contact Rhode Island Housing at 401 457-1234 or visit FirstHomes.

Rebuilding a Strong Economy (continued)

Few will disagree that good jobs and good homes that are affordable to working Rhode Islanders are essential for long-term economic growth and stability. Beyond the personal impact on families in this state and the physical effect on our communities, a healthy housing market is critical to stimulating the economy. In Rhode Island, one in 10 jobs are related to real estate and construction, so investing in real estate activity makes sense on many levels. In recognizing this connection and in investing wisely in our communities, our efficient use of stimulus funds has already created over 1,300 jobs, with more on the way as currently allocated funds are put into action.

As we move into the second half of 2010, we need to take what we have learned about utilizing our very limited resources wisely to maximize impact and help as many Rhode Islanders as possible – ensuring good homes, creating jobs and stimulating the economy. This is no small task considering the obstacles that remain ahead, but with more help from the federal government, and working together with our partners, including the General Assembly and our local officials, we believe we can help heal the economy and ensure a stronger future for Rhode Island.

Richard Godfrey
Executive Director, Rhode Island Housing

Working Together to Keep Your Home (continued)

“Although $43 million seems like a lot of money, it is nowhere near enough to help all those who are at risk of losing their homes right now. But by combining our skills, talents and resources, we can leverage these funds to achieve maximum results and keep as many Rhode Islanders in their homes as possible,” said Richard Godfrey, Executive Director of Rhode Island Housing. “We will be targeting Rhode Islanders who are struggling due to job loss and job cutbacks. Our hope is that our lender partners will see that, in helping to leverage the program, they not only will help their existing customers, but will free up other money for new customers. When done right, the effects of this investment will be felt throughout the business community and the neighborhoods for the long term.”

"The Federal Home Loan Bank of Boston is pleased to be part of such an important task," said Kenneth Willis, Vice President, Federal Home Loan Bank Boston. "We have a long history of working with our members to support affordable housing and economic development throughout New England. It will take a collaborative effort to develop and implement an effective plan, and I'm impressed by the creative ideas discussed by the group. As part of the process, we are analyzing different ways to leverage the Bank's products and its network of member financial institutions to extend the reach of the Hardest Hit Funds in Rhode Island."

Participants were asked to share their thoughts and ideas for discussion at the meetings. If you have ideas or insights, please contact Cathleen Paniccia, Director of Homeownership, at 401 457-1234.

Sen. Reed and Community Leaders Gather (continued)

Launched in 2007, KeepSpace is about changing the way Rhode Island thinks about, builds and approaches “community.” It is a broad-based partnership initiative to build a prosperous, healthy, sustainable Rhode Island, now and into the future. KeepSpace Communities are traditional, walkable, vibrant communities which incorporate all of the KeepSpace core elements: good homes; a healthy environment; strong commerce; sensible infrastructure; positive community impact; and integrated arts, recreation, culture and religion.

Pawtucket/Central Falls is one of four KeepSpace Communities underway in Rhode Island. Others include Cranston, Providence and Westerly.

HUD Secretary Makes Historic Visit to Rhode Island (continued)

“Rhode Island is among the states hardest hit by the foreclosure crisis,” said Bodington, who opened the discussion. “We led the country with the highest number of subprime loans and went into the crisis with a severe shortage of affordable homes and a critical affordability/wage gap. Now our state’s unemployment rate remains at a record high and we are struggling to recover from the worst flooding in our recorded history.”

The discussions went on for an hour as the group described the efficient ways Rhode Island has used its federal funding, leading the country in quickly and effectively allocating the dollars and putting people to work immediately.

“We are trying to learn best practices from the states who have targeted federal stimulus money most efficiently and spread that information across the country,” said Donovan. “In so many ways you have all been leaders – what better place to learn and people to learn from about what is working and what is not.”

Sens. Reed and Whitehouse Visit Stimulus Site (continued)

“In the wake of the recession and recent floods, the work of Rhode Island Housing and their partners in the community to expand affordable housing options and put people to work with Recovery Act funds is more important than ever,” said Senator Whitehouse.

When complete, Phase III of the BSR development will consist of 47 apartments and about 4,100 square feet of commercial and community space. The work will be done at several properties on Broad Street and three historic homes on Parkis Avenue. To date, the developer – Community Works Rhode Island – has created 42 apartments and 16 condominiums during BSR’s Phase I and Phase II.

Partners in the BSR efforts include the Housing Resources Commission and Crossroads Rhode Island.

“Although there remains much work to be done, our approach in putting these federal dollars to work in communities throughout Rhode Island is a great example of Rhode Island Housing’s KeepSpace philosophy in action,” added Godfrey. “We are taking development to new sustainable levels, working with whole communities, incorporating local services, jobs and businesses, transportation, and infrastructure. The result is thriving communities where neighbors meet, people work and children play.”