(May 22, 2013) – The City of Hartford is another step closer to achieving Mayor’s Segarra’s goal of creating sustainable and livable neighborhoods, thanks to a $1.5 Million grant from the State of Connecticut’s Department of Economic and Community Development.
The grant will fund the Mayor’s two-pronged effort at improving city neighborhoods; first through the acquisition, rehabilitation and sale of blighted property, and second, through the repair and improvement of existing housing stock. In addition to improving quality of life for all City residents, these efforts will create local jobs, increase home ownership, and solidify City revenues.
Funding will initially be focused on blighted one- to four-family residential structures, though larger structures will be considered on a case-by-case basis.
Residents at or below the 100% Area Median Income threshold are eligible to apply, provided they pay no more than 30% of their income towards housing costs. Rehabilitation activities will be financed through a revolving loan fund with deferred and low interest loans with 10-15 year terms. If applicable, any net proceeds resulting from the sale of an assisted property will be shared between the homeowner and the City.
For Immediate Release: May 22, 2013
Contact: Brian Mathews
p. 860 757-9031