Treasurer Diossa Launches RI AnchorHome, A New Affordable Homeownership Program
Published on Thursday, December 04, 2025
For Immediate Release
Date: December 4, 2025
Contact: Carla Rojo, Director of Communications
Treasurer Diossa Launches RI AnchorHome,
A New Affordable Homeownership Program
Providence, RI – Today, Rhode Island General Treasurer James A. Diossa announced the launch of RI AnchorHome, a pilot affordable homeownership program that expands access to affordable, sustainable mortgage options. This initiative received unanimous approval from the State Investment Commission.
RI AnchorHome is a Community Deposit Program in partnership with three participating financial institutions and designed to back qualifying mortgages issued by those institutions with State deposits.
RI AnchorHome is specifically targeted toward first-time homebuyers purchasing a primary residence in Rhode Island. 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
This pilot program introduces an innovative approach using public dollars to directly benefit Rhode Islanders. In partnership with Navigant Credit Union, who worked with the Treasurer’s Office from the outset to design and test the model, as well as Centreville Bank and BankNewport, the program leverages the State’s financial strength to make homeownership more accessible. Together, these three local financial institutions share a deep commitment to community reinvestment and responsible lending.
Under the program, when a first-time homebuyer is approved for a qualifying mortgage through a participating lender, the State of RI deposits matching funds into an account at that same financial institution. This structure helps unlock more affordable loan products without the State acting as the lender.
“RI AnchorHome is going to help hundreds of Rhode Islanders finally achieve their dream of owning their home,” said General Treasurer James A. Diossa. “With this program we are 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.”
“RI AnchorHome has all the right components for success: lower monthly costs, closing cost assistance and financial counseling,” said Governor Dan McKee. “But its real value comes from helping more Rhode Islanders realize the dream of owning their own home.”
“Homeownership is a cornerstone of the American dream. For our shared prosperity, and for our state’s future, it is absolutely 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 will play 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.”
“When Rhode Islanders can’t afford their first homes, they miss out on the opportunity to build intergenerational wealth. And the rest of us miss out when these talented young people and their families aren’t able to put down roots in our great state and move on to states with more available and affordable housing,” said Rep. Stephen M. Casey (D-Dist. 50, Woonsocket), who chairs the House Municipal Government and Housing Committee. “That’s why I and my House colleagues are very happy to see the Treasury take proactive steps to address this need through the RI AnchorHome pilot program. The House has made tackling our state’s housing crisis our signature priority over the last few years and it will remain there when session begins next month. This crisis didn’t develop overnight, and it will take our whole state pulling together to solve it.”
“By opening more pathways to affordable homeownership, the RI AnchorHome program will make an immediate and tangible impact on the financial well-being of our neighbors across Rhode Island,” said Kathy Orovitz, President, CEO, Navigant Credit Union. “We have been proud to work alongside Treasurer Diossa and his team since the earliest development stages of this program, and we look forward to continuing to collaborate with state leaders and our colleagues in the financial sector as it comes to fruition.”
“Being anchored in community means investing in what matters most: people, families, and their futures,” said Hal Horvat, President, CEO, and Chairman of the Board at Centreville Bank. “Centreville Bank is proud to be a partner in the creation of the RI AnchorHome Program, which represents an important step toward making homeownership more attainable, supporting first-time buyers, and strengthening the resilience of our communities.”
“At BankNewport, we believe that homeownership is one of the most meaningful pathways to long-term financial stability and community strength,” said Jack Murphy, President & CEO, BankNewport. “RI AnchorHome embodies that belief by using public resources in an innovative way to help first-time buyers overcome barriers like high upfront costs and mortgage insurance. We are proud to partner with the Treasurer’s Office on this program.”
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