Dec 21 2011
Urban Rehabilitation Homeownership Program For Homebuyers In Connecticut
The Connecticut Housing Finance Authority, also referred to as CHFA, is an independent quasi-public housing agency operating within the State of Connecticut that was established in 1969 in an attempt to reduce or ease the hurdles regarding the shortage or insufficient supply of cost-effective housing chances for Connecticut’s low- and moderate-income families and individuals.
The programs of the CHFA are comprehensively designed to contribute to the awareness of its mission which is to “help ease the lack of reasonable housing for low- and moderate-income families and folks in Connecticut, and when suitable, to plug or maintain the business development of the State through employer-assisted housing efforts.”
As agreed by this mission, the Connecticut Housing Finance Authority has established the Urban Rehabilitation Homeownership Program whereby it intends to grant house purchase loans at steady, below-market rates together with home improvement loans with no interest, all in an effort to support homeownership and investment in selected Connecticut neighborhoods.
To qualify for this housing loan program, interested borrowers should only purchase, rehabilitate and live in homes that are found in Bridgeport, Hartford, New Haven, New London, Waterbury or in certain sections of Windham.
Some of the most important features of the Urban Rehabilitation Homeownership Program are its rather low IRs which starts at 3.125%** (APR range 3.225 – 3.625%) and a fixed 30-year mortgage repayment schedule.
The program , however , isn’t open to everybody. Borrowers may only be deemed qualified to take part in the program if they are any of the following employees:
1) State staff with local offices in Bridgeport, Hartford, New Haven, New London, Waterbury and Windham
2) Municipal employees of one of the towns in focus, just as long as the town government agrees to waive the rehabilitation taxes on the purchased home for 5 years
3) Staff of personal companies who work in any of the cities discussed above.
The types of houses that are suitable for purchase under the programme are single and multi-family houses with price limits that are stated by the CHFA. Also, borrowers must have a yearly earnings that doesn’t exceed the limits set by the previously mentioned agency.
The kinds of rehabilitation and repairs that are covered by the program are those that involve the correction of structural damages, the elimination of health and security hazards, the promotion of disabled people’s accessibility and energy efficiency.
If you want to discover more about the Urban Rehabilitation Homeownership Program for House buyers in Connecticut, you visit the CHFA’s official web site.
Michael Saunders is an editor of TopGovernmentGrants.com one the the most complete Websites offering information on government grants and federal government programs.
He also maintains Internet sites providing resources on education grant money and civic engagement grants.
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