Home Repair Loans
This program is offered in partnership with Rhode Island Housing to assist Providence homeowners in making general and code violation repairs to their properties.

Basic Program Eligibility
Your property is eligible if it is owner occupied, does not exceed four units and is located in the City of Providence

Income Limits

• $87,200 for households of one or two persons
• 102,400 for households of three or more persons
• If your home has more than one unit, at least half of your tenants must earn no more than 80% of median family income.

Loan Amount
Maximum Loan Amount: $25,000

Loan Terms
This loan is administered as a 20-year, fixed rate mortgage. The interest rate is determined by Rhode Island Housing prior to closing, and is the same as their FirstHomes rate. There are no points, application fees or other charges. To get the latest interest rate, call 401.457.1111.

Frequently Asked Questions

Am I guaranteed to have my loan application approved if I meet the basic eligibility and income requirements?
No. The program eligibility criteria and income limits are listed to give you an idea of whether this program is an option for you. In addition to those requirements, there are also loan underwriting guidelines that take your credit history, debt to income ratio and ability to repay the loan into account. Loan approval is also dependent on availability of funds.

What types of repairs can be made using this loan?
Home repair loans can be used to correct building code violations, improve energy efficiency, repair roofs, replace septic systems, update heating, plumbing or electrical systems, add handicapped accessibility and remove hazardous substances such as lead paint and asbestos.

If I received a home repair loan in the past, can I apply for another one for a different repair problem?
This program is limited to one approved loan per household. You may apply to other home repair programs when you can meet the program guidelines; however, an applicant can only have two loans over any time on specific property.

Application Process
Instructions and forms on how to apply for a home repair loan

Contact Us
For more information, please contact:
Barbara Barone, Verification Specialist
401.680.8405
bbarone@providenceri.com