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SB 415

AN ACT RELATING TO PROPERTY -- FIRST TIME HOME BUYER SAVINGS PROGRAM ACT

2025 Regular Session Introduced by Pete Appollonio and 3 co-sponsors

SB 415 creates a state-backed savings program for Rhode Island first-time homebuyers to accumulate down payments with potential tax benefits or government incentives.

02/26/2025 Introduced, referred to Senate Finance
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Bill Summary · SB 415

Legislative bill overview

SB 415 establishes a First Time Home Buyer Savings Program in Rhode Island that allows eligible first-time homebuyers to set aside funds in a dedicated savings account with potential tax benefits or state incentives. The bill aims to reduce barriers to homeownership by helping residents accumulate down payment funds more efficiently.

Why is this important

Housing affordability remains a critical challenge in Rhode Island, where median home prices have risen significantly while wage growth has lagged. By creating a structured savings mechanism with potential state support, the bill addresses one of the primary obstacles preventing working families from entering the homeownership market.

Potential points of contention

  • Cost to state budget: Depending on incentive structure (tax credits, matching contributions, or interest supplements), the program could require significant state appropriations with unclear long-term fiscal impact
  • Income eligibility thresholds: Determining who qualifies as a "first-time buyer" and setting income caps involves tradeoffs between broader access and targeting assistance to those most in need
  • Program administration: Questions about which agency manages the program, account requirements, withdrawal restrictions, and whether penalties apply if funds are used for non-homebuying purposes

Compiled from official sources — confirm details with the bill’s official record.

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