RI AnchorHome Helps 40+ Rhode Island Families Buy First Homes, State Investment Commission Expands Program

Warwick, RI – Just three months after Treasurer James A. Diossa launched RI AnchorHome, Treasury will expand the initiative to $80 million following unanimous approval from the State Investment Commission. To date, the program has helped more than 40 Rhode Island families close on their first homes with over $16 million in funding.

Rhode Island General Treasurer James A. Diossa celebrated the milestone during a ceremonial signing marking one of the program’s earliest home purchases. The event highlighted how RI AnchorHome is helping residents navigate an increasingly difficult housing market while creating new pathways to homeownership.

With a clear demand for the program, the State Investment Commission voted unanimously at its March meeting to expand RI AnchorHome’s capacity by approving updates to the Community Deposit Policy and Short-Term Investment Policy, increasing available program funding to $80 million. More details on the expansion are expected in the coming months.

“Today’s ceremonial signing represents more than the purchase of a home, it represents stability, opportunity, and a pathway to generational wealth,” said General Treasurer James A. Diossa. “RI AnchorHome is helping families navigate an increasingly difficult housing market one step at a time because when we invest in housing, we invest in the future of Rhode Island.”

One of the program’s early participants is Cheyanne McLachlan, a nurse who recently became a first-generation homeowner through the initiative with support from Navigant Credit Union and AVP Loan Officer, Joel Bessette.

“I’m the first in my family to graduate high school, the first to get a college degree, and now the first in my family to own a home,” said Cheyanne McLachlan, RI AnchorHome participant and medical worker. “RI AnchorHome has given me the opportunity to create generational wealth for me and my future family and accomplish a dream I didn’t think possible.”

“Through its reduced rate, 100% financing, and no private mortgage insurance – The RI AnchorHome program provided benefits that let Cheyanne move up her timeline to be able to purchase a home, and without the program she would not have been able to purchase in this current market,” said Dave DeCubellis, SVP, Chief Lending Officer for Navigant Credit Union. “We’re proud to celebrate this personal achievement for her and look forward to continuing to collaborate with state leaders and our colleagues in the financial sector to support our local community members find an affordable path to homeownership.”

The RI AnchorHome pilot program launched in December 2025 after receiving unanimous approval from the State Investment Commission. The initiative partnered with three participating financial institutions: Navigant Credit Union, Centreville Bank, and BankNewport.

Under the program, when a qualifying first-time homebuyer is approved for a mortgage through a participating lender, the State deposits matching funds into an account at that same financial institution. By leveraging state deposits rather than directly issuing loans, the program enables lenders to offer more affordable mortgage products while maintaining responsible lending practices.

By leveraging the State’s financial strength and partnering with community-focused institutions, RI AnchorHome provides a responsible and innovative model for increasing homeownership access while promoting long-term financial stability.