State & Local News
Rhode Island Expands AnchorHome Program
March 21, 2026
The Rhode Island Office of the General Treasurer, in coordination with the State Investment Commission, has expanded the RI AnchorHome program funding to $80 million after successfully assisting over 40 families in purchasing their first homes with an initial $16 million investment. This program partners with local financial institutions such as Navigant Credit Union, Centreville Bank, and BankNewport to provide affordable mortgage options featuring reduced rates, 100% financing, and no private mortgage insurance. The expansion aims to increase homeownership accessibility and promote generational wealth within Rhode Island.
- Why this matters: State agencies and financial institutions are collaborating to leverage public funds for affordable housing finance, creating procurement opportunities for lenders and mortgage service providers.
- The programโs structure highlights the role of state investment commissions in expanding housing finance initiatives through partnerships with local banks and credit unions.
- Procurement professionals should note the potential for similar state-level programs that require financial institutions to participate under specific lending terms.
- Contractors and vendors in mortgage services and housing finance can explore engagement opportunities with state agencies administering such programs.
Through its reduced rate, 100% financing, and no private mortgage insurance 6 The RI AnchorHome program provided benefits that let Cheyanne move up her timeline to be able to purchase a home, and without the program she would not have been able to purchase in this current market.
— Dave DeCubellis, SVP, Chief Lending Officer for Navigant Credit Union
Todays ceremonial signing represents more than the purchase of a home, it represents stability, opportunity, and a pathway to generational wealth.
— James A. Diossa, General Treasurer
Agencies
Rhode Island Office of the General Treasurer, State Investment Commission
Vendors
Navigant Credit Union, Centreville Bank, BankNewport