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WEST HAVEN, July 25, 2019 — The Community Development Administration is accepting applications for a down payment assistance program for first-time homebuyers.
To qualify for the forgivable loan program, applicants must buy a single-family house or condominium in West Haven and live in the home for five years. The loan is then abated at a rate of 20% annually and forgiven after the fifth year.
Eligibility for assistance is based on the income and number of members of an applicant’s household, according to guidelines set by the U.S. Department of Housing and Urban Development.
Applicants must provide 3% of the purchase price from their own funds. CDA will then match $2 for every dollar up to $7,500.
Also, CDA is accepting applications for rehabilitation projects for owner-occupied single-family homes and owner-occupied multifamily homes.
Funds for CDA-approved rehab projects can be used to correct code violations or make structural improvements in homes. Cosmetic work does not qualify.
Eligibility for assistance is based on HUD income limits.
Applications for the programs are available by contacting CDA administrative assistant Rosa Richardson at 203-937-3550 or email@example.com. Anyone with questions can call the same number.