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Loans to Individuals
Loans to individuals are administered through the GNHCLF Residential Loan Programs Office,
171 Orange Street, New Haven
Phone: (203) 624-7406
Fax: (203) 401-3378
Earl Randall, Director of Residential Loan Programs
Anne Conners, Residential Loan Officer
Terry Williams, Residential Loan Officer
Program Descriptions
New Haven Down Payment/Closing Cost Loan Program
New Haven Elderly & Disabled Homeowners Rehab Loan Program
Livable City Initiative Urban Development Action Grant Loan Program
Livable City Initiative Lead Based Paint Hazard Control Program
Citizens Bank Down Payment Assistance
GFOR
- Financing for Owner-Occupied Rehabililtation and Code Compliance
Down Payment/Closing Cost Loan Program
This program provides financial assistance for first-time homebuyers for down payment and closing costs. The amount of assistance provided to any low-income family cannot exceed $10,000. The City will provide a (0%) interest forgivable loan that is forgiven at the rate of 20% per year, as of each anniversary of the loan’s execution date. The applicant may sell or transfer the property at any time during the monitoring time period; provided the balance is repaid to the City of New Haven or the property is sold/transferred to an individual who is willing to assume the balance and the terms and conditions of the loan.
The 1-4 four family property being purchased must be in New Haven, CT and comply with all applicable Federal, State and local laws, and serve as the buyer’s primary residence. Investment properties are not eligible.
Eligible homebuyer’s household income must not exceed 80% of median family income for the New Haven/Meriden MSA, as adjusted for family size. The buyer must also be current on real and property taxes and must have already attained a first mortgage commitment for the purchase of the home. In addition, the buyer must contribute a minimum of 2% of the purchase price of the property from his/her own non-City resources (gifts, grants/loan programs).
Click here for an application form for the Down Payment/Closing Cost Loan Program
Click here to review Income Guidelines
Elderly & Disabled Homeowners Rehab Loan Program
Provides a 0% interest loan of up to $15,000 to elderly and/or disabled homeowners. The loan is forgiven at a rate of 20% per year over 5 years. The homeowner’s household income may not exceed 80% of the area median family income. This loan program is principally used for emergency repairs. Common uses for this forgivable loan are improvements such as roof replacement, electrical repairs, plumbing repairs, bathroom adaptation etc.
Click here for an application form for the Elderly & Disabled Homeowners Rehab Loan Program
Click here to review Income Guidelines
Livable City Initiative Urban Development Action Grant Loan Program
This Program provides forgivable loans to buyers of one, two, three, or four unit rehabilitated or newly constructed homes. The City will provide 0% interest loans—as much as $15,000 per unit (up to $40,000 per structure) to cover the difference between the developer’s cost for construction and the appraised value of the building—forgiven at the rate of 5% per year for twenty years.
Eligible properties must be in the Dixwell, Newhallville, Hill, Dwight-Edgewood, State Street, West Rock, or Central Fair Haven neighborhoods of New Haven, and must be the buyer’s primary residence. Buyers must be current on real and property taxes and must have already attained first mortgage financing commitment for the purchase of the home. In addition, the buyer must contribute a minimum of 4% of the purchase price of the property from his/her own or other non-City resources.
Click here for an application form for the Urban Development Action Grant Loan Program
Click here to review Income Guidelines
Livable City Initiative Lead Based Paint Hazard Control Program
This program provides forgivable loans to reduce the risk for children under age 7 to exposure from hazardous lead paint. The City will provide 0% interest loans - as much as $10,000 per unit and up to $2,000 for common/exterior areas - to cover the elimination of lead hazards on surfaces identified in a lead abatement plan. Loans are forgiven at a rate of 20% per year for five years. The total household income of the unit to be abated must not exceed 80% of the area median family income.
Priority will be given to applicants with an order to abate from the City of New Haven’s Health Department. Applicants must meet income eligibility guidelines: should have sufficient insurance to cover all liens (including the lead abatement grant) on the property; and must be current on all property taxes. In addition, the property owner(s) will be responsible for any cost of abatement in excess of the loan amount.
Click here for an application form for the Lead Based Paint Hazard Control Program
Click here to review Income Guidelines
Citizens Bank Downpayment Assistance
The Loan Fund and Citizens Bank will provide a deferred loan of up to $5,000 at 0% interest for down payment and closing cost assistance to any buyer whose household income does not exceed 80% of median family income. The subsidy may be used toward the purchase of 1-4 family properties, however the owner must occupy the home as his/her primary residence for the full term of the loan. This program is available to eligible applicants whose first mortgage is with Citizens Mortgage Company for properties in New Haven, Hamden or West Haven. There is no repayment of the loan required, until the property is sold. However, if the property is sold or transferred to an eligible individual who is willing to assume the terms and conditions of the loan, it can be assumed without repayment.
Click here to review Income Guidelines
GFOR (Gap Financing for Owner-occupied Rehabilitation and Code Compliance)
Provides a 0% interest loan of up to $25,000 to homeowners throughout New Haven County. The loan is forgiven at a rate of 10% per year over 10 years. The homeowner’s household income may not exceed 120% of the area median family income. This loan program is used for emergency repairs such as roof replacement, electrical repairs, plumbing repairs, bathroom adaptation, or for code compliance or for handicapped/elderly accessibility. Please call for an application.
Click here to review Income Guidelines
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