Home Economic Development Bridgeport relaunches down payment grant funding

Bridgeport relaunches down payment grant funding

In an effort to increase local homeownership among low- and moderate-income residents, the Bridgeport municipal government has teamed with the nonprofit Bridgeport Neighborhood Trust and Key Bank to reboot the city’s Down Payment Assistance Program.
Under the program, qualified borrowers can receive a grant of up to $15,000 toward down payment and/or closing costs for buying a new home in Bridgeport, provided that they can put down at least 1 percent of the purchase price of the new home and agree to other program conditions, including the promise to live in the home for at least five years and the confirmation that the purchase property value cannot exceed 95 percent of Bridgeport’s median purchase price for a single-family home. Potential homeowners must also have a written pre-approval or an approved fixed rate mortgage from an approved mortgage lender in order to qualify for the grant funds.
In an earlier version of the program, borrowers would only receive a grant of up to $10,000 if they made a 2 percent down payment. Bridgeport Neighborhood Trust will administer the relaunched program.
“I want residents of Bridgeport and other communities to know – we want you to buy in Bridgeport, and make the Park City your permanent home,” said Mayor Joe Ganim at a ceremony announcing the program’s relaunch. “We have wonderful houses in this city, very affordable options in great neighborhoods. This is a wonderful way to help residents who want to build their lives here.”

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