The Connecticut Housing Finance Authority, otherwise known as CHFA, is an independent quasi-public housing agency operating within the State of Connecticut that was established in 1969 in an effort to lessen or ease the hurdles regarding the lack or inadequate supply of cost-effective housing opportunities for Connecticut's low- and moderate-income families and individuals.
The programs of the CHFA are completely designed to make a contribution to the realization of its mission which is to"help alleviate the lack of affordable housing for low- and moderate-income families and people in Connecticut, and when appropriate, to promote or maintain the business development of the state through employer-assisted housing efforts."
As agreed by this mission, the Connecticut Housing Finance Authority has established the Urban Rehabilitation Homeownership Program whereby it proposes to grant house purchase loans at steady, below-market rates together with home improvement loans with no interest, all in an attempt to support homeownership and investment in selected Connecticut neighborhoods.
To qualify for this housing loan program, interested borrowers should only purchase, repair and live in houses that are located in Bridgeport, Hartford, New Haven, New London, Waterbury or in certain sections of Windham.
Some of the most notable features of the Urban Rehabilitation Homeownership Program are its rather low rates which begins at 3.125%** (APR range 3.225 - 3.625%) and a fixed 30-year mortgage repayment agreement.
The program, however, is not open to everybody. Borrowers may simply be presumed qualified to take part in the programme if they're any of the following employees:
1) State employees with local offices in Bridgeport, Hartford, New Haven, New London, Waterbury and Windham
2) Municipal workers of one of the towns in focus, just as long as the town government consents to waive the rehabilitation taxes on the acquired home for 5 years
3) Employees of private firms who work in any of the towns discussed above.
The types of houses that are fit for purchase under the programme are single and multi-family homes with price limits that are stated by the CHFA. Moreover, borrowers must also have a yearly revenue that doesn't surpass the limits set by the stated agency.
The sorts of rehabilitation and repairs that are covered by the programme are the ones that involve the correction of structural damages, the elimination of health and safety perils, the promotion of disabled people's accessibility and energy conservation.
If you wish to learn more about the Urban Rehabilitation Homeownership Program for House purchasers in Connecticut, you visit the CHFA's official web site.
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