Future Homeownership Opportunity

Thank you for expressing interest in the future condominium development being planned by the Block Island Housing Board.

While construction is still in the planning stages, we anticipate the first phase of eight condominium units being available in the first half of 2027, with additional units to follow. To assist with planning and better understand the level of interest, we are reaching out to those who have previously expressed interest in the project.

Based on current estimates, we anticipate the purchase price of these homes may be in the range of $250,000 to $275,000. Please note that pricing has not yet been finalized and is subject to change.

If this opportunity is of interest to you and you believe you may wish to apply when applications become available, please reply to this email and let us know. Your response will help the Housing Board better understand the potential demand for the project.

The current concept includes two bedroom, one bathroom condominiums that will be offered for sale to qualified buyers. Eligibility requirements, financing details, and application procedures are still being finalized and will be shared as they become available. Please stay up to date through the Block Island Housing Board website at www.blockislandhousingboard.org and the BI Bulletin Board. The Board also plans to host informational sessions this fall regarding homeownership, financing, and the application process.

Because financing approval will be an important part of purchasing a home, we encourage interested buyers to begin preparing now. The Homebuyer Preparation Guide that outlines steps you can take today to strengthen your financial position and better understand the mortgage process.

Important first steps include reviewing your credit report and credit score, reducing debt when possible, building savings for down payment and closing costs, gathering financial documents such as tax returns, W-2 forms, pay stubs and bank statements, speaking with a lender or mortgage professional, and learning about first time homebuyer programs and down payment assistance opportunities available through Rhode Island Housing at www.rihousing.com.

Thank you for your interest in helping strengthen Block Island’s year round community and creating additional opportunities for homeownership on the Island.

Sincerely,

Block Island Housing Board