Bridgeport’s municipal government has partnered with the nonprofit Building Neighborhood Together to launch a program designed to provide down payments to low- and middle-income home buyers in the city.
The program – called Home Bridgeport, the First Time Homebuyer Down Payment and Closing Cost Assistance Program – offers up to $25,000 in forgiving, interest-free loans for down payment and/or closing costs. Single or two-family homes within the Bridgeport city limits are eligible and borrowers must have a household income that is less than 80% of the Area Medium Income for Bridgeport Metro Areas, as determined by the United States Department of Housing and Urban Development.
Program participants must not have owned residential real estate in the past three years and must have lived in their acquired property for at least five years. Participants must also be legal U.S. residents who are aware of all taxes and must contribute at least 1% of the purchase price of the home.
“Having a down payment and being able to deal with closing costs is one of the most fundamental challenges of becoming a homeowner,” said Bridgeport Mayor Joe Ganim. “This program marks a turning point in enabling new home buyers to buy their first home using this program. It will enable many Bridgeport residents to own their own home.”