Get a Boost in Buying Your Home with HouseHartford Program
The HouseHartford Homebuyer Assistance Program is a strategic initiative aimed at bolstering homeownership in the City of Hartford. Supported by the HOME Investment Partnerships (HOME) Program from the U.S. Department of Housing and Urban Development (HUD), HouseHartford is dedicated to helping individuals, particularly those from low and moderate-income backgrounds, realize their homeownership aspirations by providing essential down payment assistance.
Comprehensive Financial Support for Homebuyers
HouseHartford offers financial aid in the form of a second mortgage, enabling income-eligible applicants to receive up to 20 percent of the total property price in down payment assistance, with a cap of $40,000. This loan is structured to be forgiven for 5 to 15 years, provided that the property remains the applicant’s primary residence throughout this period. This approach not only assists in the initial purchase but also encourages long-term homeownership.
Eligibility Criteria for Applicants
To qualify for the HouseHartford Program, applicants must meet specific income requirements. The program is designed for families within the low to moderate-income range. Individuals with an annual household income exceeding 80 percent of the Hartford area median income (AMI) are not eligible for assistance. Additionally, applicants are required to make a minimum financial contribution from their resources. This contribution varies based on income levels: those at or below 50 percent of the AMI must contribute at least $1,000, while those with incomes between 50 and 80 percent of the AMI are required to contribute $2,000.
Mandatory Homebuyer Education
A key component of the program is the requirement for applicants to complete an 8-hour homebuyer education class before closing. This educational requirement ensures that potential homeowners are well-informed about the various aspects of owning and maintaining a home, thereby promoting responsible and sustainable homeownership.
Income Limits for Household Eligibility
The program considers the total income of all household members aged 18 and older, whether or not they are on the mortgage. The income limits for eligibility are as follows:
- 1 person household: $52,850
- 2 person household: $60,400
- 3 person household: $67,950
- 4 person household: $75,500
- 5 person household: $81,550
- 6 person household: $87,600
- 7 person household: $93,650
- 8 person household: $99,700
The HouseHartford Homebuyer Assistance Program represents a significant effort by the City of Hartford to make homeownership more accessible and sustainable for a broader segment of its population. By providing financial assistance and educational support, the program is not only helping individuals purchase homes but also ensuring they are prepared for the responsibilities of homeownership.
