Governor McKee and Executive Office of Housing Open Applications for $20 Million Bond Funded Entry-level Homeownership Program

$10 Million Available in First Round to Spur Affordable Homeownership Development Statewide

PROVIDENCE, RI — At an event at the RI League of Cities and Towns today, Governor Dan McKee and Secretary of Housing Deborah Goddard announced the opening of applications for the Housing 2030 Entry-Level Homeownership Program, a $20 million initiative funded through the state’s historic $120 million housing bond approved by voters in 2024.

Designed to expand access to affordable homeownership for low- and moderate-income Rhode Islanders while accelerating the development of new, entry-level homes across the state, the homeownership program will make $10 million available in the first round of funding. Also in attendance were State Treasurer James Diossa, East Providence Mayor Bob DaSilva, Pawtucket Mayor Donald Grebien, Woonsocket Mayor Christopher Beauchamp, South Kingstown Town Manager James Manni, and League Executive Director Randy Rossi.

The program advances the state’s Housing 2030 goal of creating 1,000 new lower-cost homeownership opportunities while helping attract and retain Rhode Island’s workforce.

“Homeownership is a top priority for my administration. It remains one of the most powerful tools for building stability, prosperity, and intergenerational wealth,” said Governor Dan McKee. “This program is about unlocking that opportunity for Rhode Islanders who have been priced out of the market while ensuring we move quickly to build the homes our communities need.”

The Housing 2030 Entry-Level Homeownership Program is a competitive grant and loan program open to for-profit and nonprofit developers, as well as public housing authorities. The program supports the development of new, owner-occupied housing, including single-family homes, townhomes, and condominiums, in developments of five or more units, including scattered-site proposals. Homes must be priced under $400,000 and affordable to households earning no more than 120 percent of Area Median Income (AMI).

Through this program, eligible developments may receive awards of up to $100,000 per unit or $4 million per project, whichever is less. Preference will be given to proposals that demonstrate cost efficiency and minimize the per-unit subsidy amount while still meeting program requirements. The program encourages innovative construction and design approaches, including factory-built housing and smaller-footprint homes, to help reduce development costs while maintaining quality. To protect public investment, homes are subject to early-year deed restrictions that require homeowner occupancy and discourage speculative resale, ensuring the program benefits homebuyers rather than investors.

To spur timely development while accommodating innovative and complex projects, EOH will award funding through multiple rounds. The application deadline for the first round of $10M in funding is Friday, April 10, 2026, at 4:00 p.m. A second round is expected to open late spring 2026.

“We want to get shovels in the ground as quickly as possible,” said Secretary of Housing Deborah Goddard. “By structuring this program in rounds, we’re meeting developers where they are and encouraging ready-to-go projects while still allowing time for thoughtful, innovative proposals.”

“Communities across Rhode Island have made significant progress in expanding housing opportunities for their residents,” said Randy Rossi, Executive Director of the League of Cities and Towns. “The Governor’s new Homeownership Program will ensure that our residents can experience their dream of home ownership.”

“As a mayor who hears regularly from people having a difficult time finding affordable housing, especially for those first-time home buyers, I am excited to see the State of Rhode Island investing real capital in making affordable home ownership a reality throughout the state,” East Providence Mayor Bob DaSilva said.

“Affordable homeownership is a top priority for Pawtucket and a critical issue for communities across Rhode Island,” said Pawtucket Mayor Donald R. Grebien. “In Pawtucket, we are working closely with the Pawtucket City Council and are already taking action by investing in neighborhood revitalization, supporting new housing development, and working to expand pathways to homeownership for our residents. This proposal builds on that work by aligning state investment with the real needs we see every day in our city, helping Pawtucket families and first-time buyers afford quality, entry-level homes in the neighborhoods they already call home. We appreciate the leadership of Governor McKee, Secretary Goddard, and the Executive Office of Housing and look forward to partnering with the state to advance affordable housing opportunities that directly benefit Pawtucket residents and strengthen our community.”

“In Woonsocket, we see firsthand how the rising cost of housing impacts our young families and essential workers,” said Woonsocket Mayor Christopher Beauchamp. “This $20 million investment is a game-changer that will help us keep our residents right here in the community they love. By lowering the barrier to entry-level homeownership, we aren’t just building houses—we are securing the long-term economic health of our city.”

“Homeownership is a top priority for South Kingstown,” said South Kingstown Town Manager James Manni. “We have already identified three town-owned properties that we are looking to convert into housing that people can own, not rent, because we believe homeownership and long-term stability matter for families and for the community as a whole. When residents are able to put down roots here, it strengthens neighborhoods, builds community, empowers residents, and ensures South Kingstown remains a place people can call home.”

Interested applicants are encouraged to attend a virtual information session on Wednesday, February 11, 2026, at 10:00 a.m.

To attend the information session and to view program materials, please visit https://housing.ri.gov/programs/entry-level-homeownership-program.