Treasurer Diossa Builds on Early Success, Expands RI AnchorHome to Reach More Families

Treasurer Diossa Builds on Early Success, Expands RI AnchorHome to Reach More Families

Published on Tuesday, April 28, 2026

Providence, RI - Today, Rhode Island General Treasurer James A. Diossa announced the second phase of RI AnchorHome, a homeownership program offering first-time homebuyers affordable, sustainable mortgage options. The program has already helped close to 60 Rhode Island families close on their first homes totaling over $21 million by leveraging State deposits with participating financial institutions. An increase to $80 million was approved unanimously by the State Investment Commission for the Community Deposit Program.

RI AnchorHome leverages public dollars in partnership with Navigant Credit Union, who worked with the Treasurer's Office from the outset to design and test the model, as well as Coast1 Credit Union and Washington Trust Bank.

"RI AnchorHome has already helped many Rhode Islanders finally achieve their dream of owning their home," said General Treasurer James A. Diossa. "At a time when the housing market remains challenging, RI AnchorHome is opening doors that might otherwise remain closed. This program goes beyond mortgage loans; it strengthens communities and expands pathways to generational wealth."

"In less than six months, we've already seen the power this program has in helping our families build for the future,"said Governor Dan McKee. "From lowering costs to financial counseling, RI AnchorHome is here for hard-working Rhode Islanders, and I'm excited to see what Phase 2 has in store."

"Homeownership is a cornerstone of the American dream. For our shared prosperity, and for our state's future, it is absolutely imperative that we put it back within reach for all Rhode Islanders," said Senator Jacob E. Bissaillon (D-Dist. 1, Providence), Chairman, Senate Committee on Housing & Municipal Government. "By creating flexibility for local lenders and providing support for first-time homebuyers, RI AnchorHome will play a critical role in doing just that. I am grateful to Treasurer Diossa's office and the many partners who have made this important program possible."

"Homeownership, and the path to achieving it, is not the same for everyone; there is no one-size-fits-all solution," said Secretary of Housing Deborah Goddard. "For some, the process may be straightforward, but for many Rhode Islanders, there are barriers make that journey far more complex. That's why it is so encouraging to see partners like Treasurer Diossa stepping up with initiatives like RI AnchorHome that expand access to homeownership and move us closer to a more affordable, accessible housing landscape."

One of the program's early participants is Cheyanne McLachlan, a nurse who recently became a first-generation homeowner through the initiative with support from Navigant Credit Union and AVP Loan Officer, Joel Bessette.

"RI AnchorHome has given me the opportunity to create generational wealth for me and my future family and accomplish a dream I didn't think possible" said Cheyanne McLachlan, RI AnchorHome participant and medical worker.

"We're very pleased the second round of funding for the RI AnchorHome program has been approved. By opening more pathways to affordable homeownership, the program has made a real tangible impact on the financial well-being of our neighbors across Rhode Island and it's exciting to see that impact continue," said Dave DeCubellis, Senior Vice President & Chief Lending Officer, Navigant Credit Union."We are proud to have worked alongside Treasurer Diossa, Governor McKee, and others at the state level, as well as our colleagues in the financial sector since the earliest stages of this program. It's an honor to lend our support to local hard-working community members seeking an easier path to homeownership."

"This program reflects a simple, but powerful shared belief: people helping people. This is a foundational principle for Coastal1. In practice, this means providing simple, effective tools to make homeownership more accessible," said Brian Azar, CEO, Coastal1 Credit Union. "Homeownership is not just about financing, but the stability, dignity, and pathway to long term financial well-being."

"For many Rhode Islanders, accessible homeownership is life-changing, providing a path to creating intergenerational wealth and a foundation for long-term stability," said Washington Trust Executive Vice President and Chief Lending Officer Rolando Lora. "We are proud to support RI AnchorHome and invest capital locally so that more first-time homebuyers can enter the housing market and build lasting security here in the Ocean State."

This program was launched in December 2025 after receiving unanimous approval from the State Investment Commission. The initiative partnered with three participating financial institutions: Navigant Credit Union, Centreville Bank, and BankNewport.

Under the program, when a qualifying first-time homebuyer is approved for a mortgage through a participating lender, the State deposits matching funds into an account at that same financial institution. By leveraging state deposits rather than directly issuing loans, the program enables lenders to offer more affordable mortgage products while maintaining responsible lending practices.

Key benefits of the program include:

• 30-year fixed-rate mortgages
• Starting interest rate of 3.99%, subject to market conditions
• No private mortgage insurance (PMI)
• Support for down payment and closing cost assistance
• Mandatory homeownership counseling to promote long-term financial success

By leveraging the State's financial strength and partnering with community-focused institutions, RI AnchorHome provides a responsible and innovative model for increasing homeownership access while promoting long-term financial stability.

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