Little Compton Group Aims to Help Home Buyers
Sakonnet Times | April 24, 2025
Commons Foundation launches zero interest loan program; meeting is Sunday
As skyrocketing housing prices continue to thwart the dreams of would-be homeowners throughout the region, a local nonprofit has launched a new zero-interest loan program designed primarily to help eligible residents acquire a home in Little Compton.
The Commons Foundation, formed in 2024 with a focus on making home ownership attainable for the working middle class, will unveil details of the loan program at a public information session on Sunday, April 27, at 5 p.m. at the Little Comp ton Community Center. Foundation board members will be on hand to outline the specifics of the program, answer questions, and explain the pre-application process.
“The goal is to target Little Compton families or seniors, but we also want to consider people who don’t live here but are working in this town,” foundation treasurer Susan Taylor said. “We know employers have a tough time recruiting for openings, and this is one of the ways in which we can help them create a growing, sustainable workforce.”
While foundation representatives emphasize that key elements may change as the loan program is rolled out, the current structure calls for loans ranging from $50,000 to $100,000, with a maximum term of 10 years. Income limitations will mirror area median income (AMI) guide lines reflected in Little Compton’s Attainable Housing Amendment approved by the town council in July 2024. At that time, annual household income for those in the “attainable” category could not exceed $160,000 for a family of four.
Foundation representatives say the program is intended to bridge financial gaps for eligible borrowers. They offered examples of the types of applicants who, if approved, would benefit from the program, such as:
- An individual who already owns land in town and intends to build a home, using their own professional skills and the skills of their friends.
- An entrepreneur who has started his/her own business, or a farmer using rented land, or a fisherman, or a town employee, such as police and fire personnel. These individuals may have the income to support a mortgage, but may need some additional funds to bridge a financial gap.
- Those interested in building an in-law apartment, also known as an accessory dwelling unit, or ADU. Last year, the Little Compton Town Council approved ADUs for home owners whose properties are at least 20,000 square feet or more and who meet certain other requirements that conform to state law.
To be part of the initial process, potential borrowers can email The CommonsFoundation@gmail.com to request a pre-application questionnaire that should be completed and returned by May 31. Applicants who qualify for the program will then begin a formal application process.