Effective February 14, 2023, the FirstHomes Tax Credit Program is suspended.
Reservation requests received prior to 2/14/23 will be honored and processed.
- 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
- 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
- Available to first-time homebuyers statewide
- Available to non-first-time homebuyers in the following targeted areas: Central Falls (parts of), Pawtucket, Providence, Woonsocket.
- 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.