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.