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Loans to Individuals
Loans to individuals are administered through the GNHCLF Residential Loan Programs Office,
171 Orange Street, New Haven
Phone: (203) 624-7406
Fax: (203) 401-3378
Earl Randall, Director of Residential Loan Programs
Anne Conners, Program Manager, Residential Loans
Terry Williams, Program Manager, Residential Loans
Program Descriptions
New Haven Down Payment/Closing Cost Loan Program
Livable City Initiative Lead Based Paint Hazard Control Program
Citizens Bank Down Payment Assistance
Down Payment/Closing Cost Loan Program
This program provides financial assistance for first-time homebuyers for down payment and closing costs. The amount of assistance provided to any low-income family cannot exceed $10,000. The City will provide a (0%) interest forgivable loan that is forgiven at the rate of 20% per year, as of each anniversary of the loan’s execution date. The applicant may sell or transfer the property at any time during the monitoring time period; provided the balance is repaid to the City of New Haven or the property is sold/transferred to an individual who is willing to assume the balance and the terms and conditions of the loan.
The 1-4 four family property being purchased must be in New Haven, CT and comply with all applicable Federal, State and local laws, and serve as the buyer’s primary residence. Investment properties are not eligible.
Eligible homebuyer’s household income must not exceed 80% of median family income for the New Haven/Meriden MSA, as adjusted for family size. The buyer must also be current on real and property taxes and must have already attained a first mortgage commitment for the purchase of the home. In addition, the buyer must contribute a minimum of 2% of the purchase price of the property from his/her own non-City resources (gifts, grants/loan programs).
Click here for an application form for the Down Payment/Closing Cost Loan Program
Click here to review Income Guidelines
Livable City Initiative Lead Based Paint Hazard Control Program
This program provides forgivable loans to reduce the risk for children to exposure from hazardous lead paint. The City will provide 0% interest loans - as much as $12,000 per unit- to cover the elimination of lead hazards on surfaces identified in a lead abatement plan. Loans are forgiven at a rate of 20% per year for five years. The total household income of the unit to be abated must not exceed 80% of the area median family income.
Priority will be given to applicants with an order to abate from the City of New Haven’s Health Department. Applicants must have sufficient insurance to cover all liens (including the lead abatement funding) on the property, and must be current on all property taxes and mortgage payments. In addition, the property owner(s) will be responsible for any cost of abatement in excess of the loan amount.
Owner-occupants and investors throughout the City of New Haven are welcome to apply.
Click here for an application form for the Lead Based Paint Hazard Control Program
Click here to review Income Guidelines
Citizens Bank Downpayment Assistance
The Loan Fund and Citizens Bank will provide a deferred loan of up to $5,000 at 0% interest for down payment and closing cost assistance to any buyer whose household income does not exceed 80% of median family income. The subsidy may be used toward the purchase of 1-4 family properties, however the owner must occupy the home as his/her primary residence for the full term of the loan. This program is available to eligible applicants whose first mortgage is with Citizens Mortgage Company for properties in New Haven, Hamden or West Haven. There is no repayment of the loan required, until the property is sold. However, if the property is sold or transferred to an eligible individual who is willing to assume the terms and conditions of the loan, it can be assumed without repayment.
Click here to review Income Guidelines
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