A down payment assistance grant for first time homebuyers, like the RI Statewide DPA Grant, is a type of financial assistance program that provides a grant to help cover a portion of the down payment and closing costs required to purchase a home, usually for individuals or families who meet certain income and eligibility criteria. These grants may be offered by government agencies, non-profit organizations, or private entities and can help make homeownership more accessible to first-time buyers who may not have enough savings to cover the upfront costs of purchasing a home.

Unlike loans, these grants do not need to be repaid, but may have certain restrictions or requirements, such as limitations on the home’s purchase price or requirements to live in the home for a certain amount of time.