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.

Who Is The Program for?

The loan program is for qualified individuals and 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 relies on the guidance of the Little Compton Attainable Housing Ordinance to select applicants whose income and other characteristics qualify them for the loan program.

What Projects Qualify?

Projects that help support the TCF mission to support access to attainable housing. This is a wide-range of possibilities that could include:

• Building a new home in Little Compton on land you currently own
• Buying a home in Little Compton, with The Commons Foundation sharing some of the down payment
• Completing or refurbishing a home in Little Compton

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

The Loan Process

1. Pre-Application: Determines if you meet initial qualifications for the loan program.
2. Application: Once we review the Pre-Applications, 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 loan request is assessed and approved by The Commons Foundation. We will work with you on the final loan agreement.
4. Loan issued!

The Loan Agreement - Ensuring Mission Alignment

The purpose of the loan must align with our mission to support "Attainable Housing" as defined by the Little Compton definition of attainable housing. As such, the loan agreement will include terms that help ensure the resulting project will remain in the “attainable housing” stock for a ten year period. While each loan may have unique circumstances, some examples of terms you can expect:

• Will serve as a Primary Residence for minimum of 10 years
• Cap on resale price in the first 121 months to keep property in the "attainable" category
• Property cannot be rented during the term of the loan

Important Program Details

• $50,000 Minimum to $100,000 Maximum loan amount
• Loan Term of 10-years (120 Months)
• Interest rate of zero (0%)
• Repayment is due at end of the term*
• The loan is secured by a mortgage on the subject property as a subordinate lien-holder

* Loans may be renewed at the end of term, but qualifications will still need to be met.