Bridgeport launches down payment assistance program

The Bridgeport city government has partnered with the nonprofit Building Neighborhood Together to launch a program designed to provide down payment assistance to low- and middle-income homebuyers in the city.

The program — called Home Bridgeport, the Down Payment and Closing Cost Assistance Program for First-Time Homebuyers — offers up to $25,000 in lenient, interest-free loans for the down payment and/or l help with closing costs. Single or two-family residences within the city limits of Bridgeport are eligible and borrowers must have a household income below 80% of the area average income for Bridgeport metropolitan areas, as established by the US Department of Housing and Urban Development.

Program participants must not have owned residential real estate in the previous three years and must reside in the home they have acquired for at least five years. Entrants must also be legal residents of the United States who are current with all taxes and must contribute at least 1% of the purchase price of the home.

“Having a down payment and being able to handle closing costs is one of the most fundamental challenges of becoming a homeowner,” Bridgeport Mayor Joe Ganim said. “This program marks a turning point by allowing first-time buyers to acquire their first property using this program. This will make home ownership a possibility for many Bridgeport residents.

Previous postConnecticut upgrades its platform for unemployment benefits
Next postNorwalk plot off Merritt Parkway sold

Phil Hall’s writing for Westfair Communications has won numerous Connecticut Press Club and Connecticut Society of Professional Journalists awards. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release “Moby Dick: The Radio Play” and the upcoming “Jesus Christ Movie Star”, both published by BearManor Media ). He is also the host of the SoundCloud podcast “The Online Movie Show”, co-host of the WAPJ-FM talk show “Nutmeg Chatter” and writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill’s Congress Blog, Profit Confidential, The MReport, and Outside of journalism, he’s also a horror movie actor – usually playing the creepy villain who is gravely killed off at the end of each movie.

About Matthew R. Dailey

Check Also

Homebuyers Get 10% Down Payment Assistance With CA Forgivable Equity Builder | HD Post

STATEWIDE – As of November 2022, interest rates were still above 7% – impacting affordability, …