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State of Rhode Island Office of the General Treasurer James A. Diossa, General Treasurer

Treasurer Diossa Announces RI AnchorHome Expansion After Helping more than 100 Rhode Islanders Purchase their First Homes

Published on Tuesday, October 06, 2026

Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced the third phase of RI AnchorHome, a homeownership program that provides first-time homebuyers with affordable, sustainable mortgage options. As part of the latest expansion, three new participating financial institutions will join the program, further extending its reach and helping more Rhode Islanders achieve the dream of homeownership.

BayCoast Bank, Bristol County Savings Bank and Westerly Credit Union will join RI AnchorHome, providing even more Rhode Islanders with access to an affordable pathway to owning their first homes.

Since its launch in December 2025, RI AnchorHome has helped finance 119 home purchases totaling more than $45 million for first-time homebuyers across Rhode Island. The average loan through the program is approximately $383,000, with an average home purchase price just over $400,000.

“Homeownership remains one of the most important ways families can build stability, wealth and a future for the next generation,” said General Treasurer James A. Diossa. “RI AnchorHome has already helped 119 first-time homebuyers take that important step. With Phase 3, we are building on that momentum, expanding our partnerships and opening the door to homeownership for even more Rhode Islanders.”

“Homeownership is more than having a place to live. It’s about building stability, creating opportunity, and putting down roots for your family,” said Governor Dan McKee. “It’s a priority Treasurer Diossa and I share, and I commend him for continuing to find new ways to help hardworking Rhode Islanders achieve the dream of homeownership.”

“Homeownership is a cornerstone of the American dream. For our shared prosperity, and for our state’s future, it is imperative that we put it back within reach for all Rhode Islanders,” said Senator Jacob E. Bissaillon (D-Dist. 1, Providence), Chairman, Senate Committee on Housing & Municipal Government. “By creating flexibility for local lenders and providing support for first-time homebuyers, RI AnchorHome plays a critical role in doing just that. I am grateful to Treasurer Diossa’s office and the many partners who have made this important program possible.”

“Rhode Island AnchorHome is an excellent program because it gives a boost to people who are teetering on the edge of homeownership, putting it within their grasp,” said Representative June Speakman (D - District 68, Bristol, Warren), Second Vice Chair, House Municipal Government and Housing Committee. “These are folks who are very close to being able to realize their dream of owning their own home, and for whom a small break would make a real difference.”

“We are excited to partner with RI AnchorHome to help make homeownership a reality for more families,” said Marie Pellegrino, President, BayCoast Bank. “Buying your first home is an important milestone. We’re here to help you take that next step with confidence.”

“RI AnchorHome is helping more Rhode Island families take an important step toward stability and opportunity. Homeownership can change the course of a family’s future, and this program is making that future more accessible for first-time buyers across our state,” saidJohn Silva, President and CEO, Bristol County Savings Bank. “We’re proud to be part of an effort that is opening doors, strengthening communities, and creating lasting impact.”  

“At WCCU, our core mission has always been to empower our members and strengthen the communities we serve,” said Andrew Rogers, President and CEO of Westerly Community Credit Union. “Homeownership creates long-term stability and financial security, yet rising costs have made it increasingly difficult for many families to buy their first home. By partnering with the General Treasurer’s Office on the RI AnchorHome program, we are breaking down those financial barriers and providing safe, affordable, and accessible paths to homeownership right here in Rhode Island.”

“As mortgage rates remain elevated and home prices and rents continue to outpace wages and incomes in Rhode Island, achieving homeownership has become increasingly challenging for many families. The median single-family home price increased 5.3 percent to $499,900, while the average rent for a two-bedroom apartment increased 1.8 percent to $2,358,” said Brenda Clement, Executive Director of HousingWorks RI. “RI AnchorHome is an important tool for helping Rhode Islanders overcome these affordability challenges and achieve homeownership. HousingWorks RI congratulates General Treasurer Diossa on the continued growth of this program and its work to help more Rhode Islanders achieve the dream of owning a home.”

This program was 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.

Key benefits of the program include:

  • 30-year fixed-rate mortgages
  • Starting interest rate of 3.99%, subject to market conditions
  • No private mortgage insurance (PMI)
  • Support for down payment and closing cost assistance
  • Mandatory homeownership counseling to promote long-term financial success

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.

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