In partnership with the City of Central Falls, Pawtucket Central Falls Development is offering a Closing Cost Assistance Program to eligible first-time homebuyers in the City of Central Falls.
- Eligible homebuyers will receive up to a maximum of $7,500, based on the total demonstrated need.
- The assistance can be used in conjunction with homebuyer's savings through an Individual Development Account (IDA), Family Self-Sufficiency Program (FSS) through Housing Authorities, matched-savings program or additional down payment and closing cost programs.
- The Program will be available through a rolling application process until all funds have been committed. Assistance will be available on a first come, first serve basis.
Applicants for this program must:
- Must have a fully executed Purchase & Sales Agreement for a property in Central Falls
- Be a first-time homebuyer
- Have individual/household total earnings at or below 80% of the area median income for Central Falls
- Live in the home as their primary residence
- Complete a HUD-approved 8-hour homebuyer education program
- If purchasing a multi-family home, the 4-hour Landlord/Tenant Workshop is required
- The homebuyer must meet a five-year retention period. If a homebuyer no longer meets the requirements of the City of Central Falls homeowner exemption or sells the dwelling purchased using the Closing Cost Assistance funds, an amount equal to a prorated portion of the grant will be recaptured.
- one- to four-family homes
- townhouses and condominiums
For more information, please call Dianny Pena at 401-726-1173 ext.12
Application packages for the Down Payment and Closing Cost Assistance Program are available at the PCF Development office, 204 Broad Street in Pawtucket.