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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