The FirstHomes Tax Credit
- Tax savings for eligible borrowers reduces the borrower’s federal tax liability
- May be claimed each year for the life of the mortgage
- Also available to select, non first-time homebuyers (in targeted areas)
The FirstHomes Tax Credit
- Tax savings for eligible borrowers by reduces the borrower’s federal tax liability
- May be claimed each year for the life of the mortgage
- Also available to select, non first-time homebuyers (in targeted areas)
Interested?
- The FirstHomes Tax Credit is not a loan
It is a tax credit – claimed by borrowers on their federal tax return annually. The credit is
equal to 20% of the total mortgage interest amount paid – up to $2,000 each year - The remaining mortgage interest that a borrower pays each year can be claimed as an
itemized tax deduction, further reducing the homeowner’s federal tax liability - Credit can be claimed yearly, as long as you continue to own and occupy the home as
your primary residence. - Purchase Price & Income Limits apply
Interested?
- Tax benefit for homeowners: The FirstHomes Tax Credit is not a loan. It is a tax credit – claimed by borrowers on their federal tax return annually. The credit is equal to 20% of the total mortgage interest amount paid – up to $2,000 each year.
- The remaining mortgage interest that a borrower pays each year can be claimed as an itemized tax deduction, further reducing the homeowner’s federal tax liability.
- Credit can be claimed yearly, as long as you continue to own and occupy the home as
your primary residence. - Purchase Price & Income Limits apply
Availability
The FirstHomes Tax Credit can be used in conjunction with a RIHousing FirstHomes mortgage, or with a mortgage offered by a FirstHomes Tax Credit Approved Lender.
Targeted Areas
(for non-first time homebuyers)
- Parts of Central Falls
- Pawtucket
- Providence
- Woonsocket