Agency re-introduces heat assistance plan for its mortgage customers
Providence, RI – November 19, 2013 – (RealEstateRama) — With Rhode Islanders continuing to cope with high unemployment rates and a slowly recovering economy, Rhode Island Housing is once again offering its Heating Assistance Program to help families manage their heating costs throughout the winter months.
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This innovative program, first introduced by the agency in 2005, enables Rhode Island Housing’s FirstHomes 100 and 100+ customers to defer $200 per month from their mortgage payments for up to four months this winter – December, January, February, and/or March – and then make up the difference by paying an extra $100 per month for the eight months after the heating season.
The program is free and will not increase the interest customers pay on their mortgages. Rhode Island Housing started sending details of the program to almost 7,000 mortgage customers this month.
“As many Rhode Islanders struggle with hardships and increasing expenses, we want to do all we can to ensure that our customers can live safely and comfortably in their homes and continue to afford to pay their monthly bills on time,” said Richard Godfrey, Executive Director of Rhode Island Housing. “Rhode Island Housing’s commitment to our customers does not end with the closing of a loan. We’re unique because we service our loans, which gives us the flexibility to respond to the needs of individuals who are experiencing financial difficulties and the capacity to develop programs to address pressing needs, such as the current economic crisis.”
In its recently released Winter Fuels Outlook report, the U.S. Energy Information Administration forecast that households relying on heat from natural gas, propane and electricity will experience higher heating costs this year compared with last year. While the report projects a slight dip in costs for those using heating oil, weather in the Northeast is expected to be 3% colder than last winter while resources to help families in need of energy assistance is scarce.
Godfrey added that mortgage delinquencies typically increase in the winter and expressed concern that rising energy costs and the slowness of the economy to rebound in our state will cause more people to experience difficulties in making ends meet. While some Rhode Island Housing customers may qualify for help from existing energy assistance programs, those funds have limited resources.
About Rhode Island Housing
Together with its partners, Rhode Island Housing works to ensure that all people who live and work in Rhode Island can afford a healthy, attractive home that meets their needs. Rhode Island Housing uses all of its resources to provide low-interest loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, Rhode Island Housing is a privately funded public purpose corporation.
Contact: Mary Kate Harrington, 401-450-1356 or mharrington (at) rhodeislandhousing (dot) org
