Bridgeport launches homeowners’ assistance program offering $25,000 for first-time buyers
First time home-buyers in Bridgeport can now apply for a $25,000 forgivable loan to fund a down payment and closing costs.
The loan is part of the Home Bridgeport program, created by Building Neighborhoods Together and the City of Bridgeport.
Doris Latorre, chief executive officer of Building Neighborhoods Together, said her office has been flooded with calls and emails about the program since it launched on Tuesday.
“This program really makes a difference,” Latorre said. “We are glad the City of Bridgeport listened to the concerns that we have of getting money into the hands of folks to be able to buy in the city.”
Mayor Joseph Ganim said he hopes the program will help new and existing residents make Bridgeport their home.
“The American dream, in part, is fulfilled when you’re able to own a home," Ganim said. "It’s usually the largest single purchase or financial transaction that people do in their lives, so it’s a very important thing. And we believe the role of government should allow access to home ownership, and we want to see that happen more and more and more in the City of Bridgeport.”
Twenty grants are available. The $500,000 needed to fund the program is from the U.S. Department of Housing and Urban Development.
Ganim said if the program is successful, he will try to allocate city money for additional grants.
Eligibility criteria can be found here.