Hartford incentivizes workers to buy homes in the capitol city
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’s homeownership rate.
It is low for state and nationwide levels, at about 24%, according to Mayor Luke Bronin.
“We'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,” 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.
“As interest rates have gone up, and the cost of buying a home is harder for most families to bear, this little extra help–we understand it may not be enough for everybody–but maybe it'll make the difference for some,” Bronin said. “If it does, then I think we'll have done what we set out to do.”
If the program is successful, Bronin said it’ll be up to the city’s mayor-elect, Arunan Arulampalam, to add additional funds.