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The plan is designed to create greater opportunity for low- and moderate-income Connecticut residents to access safe, secure, affordable housing, both in multifamily and single family situations.
The grants will support the development of 668 affordable units in 16 communities.
The existing buildings at Armstrong Court were originally constructed in 1951.
“We’re constantly discussing options for our customers in the face of hardship,” says Patriot Bank President Richard Muskus Jr. “We will do what we can as an organization to help them – the bank is not going to abandon them.”
Work includes the “gut” rehabilitation of 42 units, 11 of which will be for households with 25% Area Median Income (AMI) and 31 of which will be for households with 50-60% AMI.
The projects are among seven in the state that will collectively create 439 rental units: 348 designated as affordable and 91 as market rate.
"In a state like Connecticut, finding an affordable home can be a challenge," said Karl Kilduff, CHFA’s executive director.
Ann L’Altrella, a loan officer with Network Funding LP in Shelton, credited the 203(k) loan program with helping in the sale of older homes that are either stuck in an aesthetic time warp or are in need of more than cosmetic help.
Programs include education classes and credit counseling for potential homebuyers, and foreclosure prevention counseling.
Reverse mortgages have weathered some controversy over the years, ranging from news stories regarding foreclosure cases against seniors who defaulted on the terms of their loans to a wider misperception that lenders automatically seize the property upon the death of the borrower.
The Connecticut Housing Finance Authority's Freddie Mac HFA Advantage loan offers lower mortgage insurance costs.
Users of programs like Benchmark CT typically save nearly 4 percent on energy in the first year, the platform's software provider says.
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