Program Overview

Our Mission

The Commons Foundation mission is to support sustaining the town of Little Compton by increasing access to home ownership for qualified families and seniors in the Little Compton community. Our programs provide resources that help increase home ownership for families and seniors and help the community retain and grow our school populations and employment in fields traditionally associated with Little Compton.

Who Qualifies For The Program?

The TCF Home Ownership Program is for qualified individuals and families, giving preference to families who have a connection (school, family or work) to Little Compton and need access to resources to make homeownership in Little Compton a reality. The Commons Foundation seeks to fund projects in this program guided by the Little Compton Attainable Housing Ordinance and to identify suitable houses and select applicants whose income and other characteristics qualify them for the Program.

Household income up to 140% of Family-size HUD defined AMI (AMI) for Providence Fall River area, with no lower limit. Area Median Income (AMI) is the gross middle income for families in a specific area, calculated each year by the Department of Housing and Urban Development (HUD). The Commons Foundation may consider applicants with higher incomes, depending on other factors.

• For reference, in 2025 the AMI gross income limits are:
  

What Projects Qualify?

Projects will qualify that increase the housing supply for middle income families and seniors in Little Compton. This is a wide-range of possibilities that include:

• Purchase of a TCF-owned home. The purchase price will be funded through a combination of a third party first mortgage, applicant resources and TCF loan or grant.
• The Applicant (or a member of he applicant’s family) may own or have identified land that can be acquired and developed) as a home that meets the Attainable Housing Ordinance criteria. In this situation, TCF will enter into a loan or partnership agreement with the applicant to fund the construction of the new residence.
• Purchase of a TCF and partner-created home. In these projects, TCF and a partner have established an agreement to create new homes, with characteristics (e.g., size, bedrooms, etc.) guided by the LC Attainable Housing Ordinance. The applicant will enter into a Purchase and Sale Agreement to acquire the home. The purchase price will be funded through a combination of third party first mortgage, applicant resources and TCF loan or grant.

If you are not sure if you or your housing project qualifies, please contact us.

The Process

1. Pre-Application: Determines if you meet initial qualifications for the home ownership program.
2. Application: Once we review the Pre-Applications and we have identified housing available for the program, we will reach out to those who meet the initial qualifications and request additional information to prepare a complete application. If you need help, we are available to walk with you through the rest of the process so you will fully understand what you need to complete your application. *At this stage, you can expect more detailed information requirements – construction documents, credit check, proof of income, etc.
3. Approval: The request is assessed and approved by TCF. We will work with you to identify the property and on the final loan agreement.

The Home Ownership Agreement

The Home Ownership agreement will be specific to each situation and informed by the Little Compton Attainable Housing Ordinance. In general, the ordinance is intended to increase and preserve the middle income attainable and affordable housing stock over the long term, while allowing appreciation of homes that reflect both the purchase price and any capital improvements made by a homeowner.