The Washington Trust Company becomes a participating lender in RI AnchorHome

The Washington Trust Company has announced it will participate in the second phase of RI AnchorHome, a homeownership program offering first-time homebuyers affordable, sustainable mortgage options. 

RI AnchorHome is a public-private partnership that provides affordable mortgage products to first time homebuyers.  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.

The Rhode Island Office of the General Treasurer launched RI AnchorHome in December 2025 after receiving unanimous approval from the RI State Investment Commission for the Community Deposit Program. The program has already leveraged over $21 million to help nearly 60 Rhode Island families close on their first homes.

“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.”

“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.”

More information about the program, including its benefits, is available online at: RI AnchorHome | Rhode Island Office of the General Treasurer.

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.