Hartford city workers are being incentivized to buy a new home in the capitol. The Employee Homebuyer Assistance Program launched Wednesday.
The program provides a $10,000 forgivable loan to assist workers with a down payment for a home.
The goal of the program is to help increase Hartford鈥檚 homeownership rate.
It is low for state and nationwide levels, at about 24%, according to Mayor Luke Bronin.
鈥淲e're a city where the vast majority of people are renters, and one of our most important obligations is to make sure that there is a as as healthy and strong a rental housing market as possible, and to make sure that we're doing the work of ensuring that that rental housing is quality and and worthy of those who are living there. But, we also think it's important for our city, to promote and to support homeownership,鈥� Bronin said.
The program was announced late last year as part of a $7 million housing package, $1.25 million will go toward employee assistance.
鈥淎s interest rates have gone up, and the cost of buying a home is harder for most families to bear, this little extra help鈥搘e understand it may not be enough for everybody鈥揵ut maybe it'll make the difference for some,鈥� Bronin said. 鈥淚f it does, then I think we'll have done what we set out to do.鈥�
If the program is successful, Bronin said it鈥檒l be up to the city鈥檚 mayor-elect, Arunan Arulampalam, to add additional funds.
