AN ACT RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND HOUSING AND MORTGAGE FINANCE CORPORATION

HB 5952 creates a Home Ownership Assistance Account within Rhode Island's Housing and Mortgage Finance Corporation to expand homeownership opportunities for low-income residents. The account, funded by 25% of monies from a specific state revenue source, directly assists households at or below the area median income, with priority for seniors, veterans, people of color, Indigenous people, people with disabilities, and agricultural workers. Funds will provide down payment grants, support homeownership programs, and offer technical assistance to organizations focused on increasing homeownership - especially for people of color - while requiring long-term affordability measures like shared equity. The Corporation must distribute funds statewide but prioritize areas with the greatest need, aiming to reverse declining homeownership rates among marginalized groups.