The Reduced Interest Program (RIP) is a secured non-amortizing interest only mortgage loan of up to $300,000. The interest rate is set each year and is currently zero percent. RIP is to be used for a purchase, not to refinance existing mortgage loans, or for a down payment. This program can only be used in combination with the maximum amounts of a Mortgage Assistance Program (MAP) loan and a Deferred Interest Program (DIP) loan

For more information, download the RIP brochure.