ProJo: Providence announces new program for home loan, repair help

By Christine Dunn
Journal Staff Writer

The city has made $200,000 available for down-payment help, which will be available starting Jan. 15, and another $200,000 for home repairs.

PROVIDENCE, R.I. — Standing outside in the cold drizzle Tuesday morning, Mayor Jorge Elorza announced new housing assistance for residents in the form of down-payment/closing-cost loans for home buyers, and loans for home repairs.

The city has made $200,000 available for down-payment help, which will be available starting Jan. 15, and another $200,000 for home repairs. Both programs are being financed through the city's community development block grant money. The City Council is also considering adding another $200,000 to the home-repair loan program, for which funds are available now.

All the assistance is in the form of a zero-percent interest, deferred-payment loans for up to $25,000. Payment is due upon sale, change of primary residence, refinancing with cash out, debt consolidation or transfer of the property title.

Tuesday's announcement was made in front of a home at 160 Langdon St., purchased last year for $130,000 by Magda Berroa with down-payment assistance from the city. Berroa is the mother of a son with special needs.

City Councilman Nicholas Narducci (Ward 4) said he lives about 10 houses down from Berroa's home, and he remembers that the house was vacant for a long time, and had started to become a neighborhood trouble spot. Acting Council President Sabina Matos and Councilman David Salvatore were also at the announcement.

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Courtesy of Providence Journal