Bridgeport”™s municipal government has partnered with the nonprofit Building Neighborhood Together to launch a program designed to offer down payment assistance to low- and moderate-income homebuyers within the city.
The program ”“ called Home Bridgeport, the First Time Homebuyer Down Payment and Closing Cost Assistance Program ”“ provides up to $25,000 in forgiving, interest-free loans for down payment and/or closing cost assistance. One- or two-family residences inside Bridgeport”™s city limits are eligible and borrowers must have a household income that is less than 80% of the Area Medium Income for Bridgeport Metro Areas, as established by the U.S. Department of Housing and Urban Development.
Program participants must not have owned any residential real estate in the previous three years and must reside in their acquired home for at least five years. Participants must also be legal U.S. residents who are current on all taxes and must contribute at least 1% of the home’s purchase price.
“Having a down payment and being able to handle closing fees is one of the most fundamental challenges to becoming a homeowner,” said Bridgeport Mayor Joe Ganim. “This program marks a turning point by allowing first-time homebuyers to purchase their first property by using this program. It will make homeownership a possibility for many Bridgeport residents.”
