Key Features of the Rhode Island Tax Credit
- For first time home buyers only*, unless:
Purchasing in areas of Providence, Pawtucket, Central Falls, Woonsocket.
- Maximum $2,000 tax credit/year (not deduction) for the duration of the loan:
20% of mortgage interest paid per year on primary residence of 1-4 units.
Ex. $10,000 mortgage interest paid in a year = $2,000 tax credit
- Annual gross household income limits apply:
1-2 people: $86,280
3+ people: $100,660
- Available on mortgage applications after July 1, 2014 until government funds have been depleted.
- Program only available through FirstHomes Tax Credit approved lender.
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