Tax credit available to first-time home buyers in RI

A new tax credit program announced Tuesday will help first-time home buyers in Rhode Island.

The program gives first-timers a credit of up to $2,000 a year on their federal taxes, for the life of the mortgage, as long as they're living in the home.

Rhode Island Housing said there's enough money in the program to help about 500 home buyers.

About 20 local lenders are participating in the program.