The truth is Connecticut is an expensive state to live in since its living cost is higher than the national average. Stamford is one of the most expensive cities in Connecticut, and its cost of living is lower than that of Manhattan of New York by only 17%. Find more information here. Even though Connecticut has the third-highest income per capita in the U.S., living in this state is pricey, and housing is no exemption. The home values in Connecticut have gone up over the past few years, and they are predicted to increase even further. The state has one of the highest property taxes in the country. That is why most people who can’t afford to buy their own homes opt for rented houses. Although residents find it difficult to become owners, they can always have access to support grants to repair and improve their living conditions. Keep reading this article for more.
Owner-Occupied Rehabilitation and Rebuilding Program
This program is administered by the Connecticut Department of Housing. The program provides home repair assistance to homeowners to help them improve their homes. You can receive grants in form of promissory notes, which are forgivable through this program. The financial assistance ranges from $10,000 to $150,000. The program gives priority to low and moderate-income single mothers, disabled, veterans, and senior homeowners. Once you have access to the promissory notes, you have up to five years to repay the funds, unless you resell, transfer ownership, or refinance the property before the end of the term. There are repayment terms on the note. The funds cover home repair needs not covered by FEMA, insurance, or other sources of support. You can use the funds for home energy enhancement, removal of lead-based paint, handicap disability, and repair/replacement of appliances. Read more at http://www.ct.gov/doh/cwp/view.asp?a=4513&Q=533578.
Historic Homes Rehabilitation Tax Credit
Through this program, you can receive a tax credit voucher, which covers up to 30% of your rehabilitation expenses. This accounts for $30,000 for every dwelling unit. To qualify for this program support, your home must be located in federally approved economically distressed areas. The program covers all the costs associated with physical rehabilitation except costs associated with financing fees, legal fees, site improvements, and costs related to outbuilding rehabilitation. DECD administers this program. Find out more at http://www.ct.gov/drs/cwp/view.asp?a=3807&q=522164.
Single-Family Housing Repair Loans & Grants in Connecticut
The purpose of this program is to enable families and senior homeowners in rural areas to have access to funds for repair and home improvements. The goal is to remove the safety and health hazards and improve the overall living condition at their homes. The grant assistance focuses on low-income homeowners. To qualify for the program support, ensure you reside in the house and have proof of homeownership. Demonstrate the inability to acquire credit from anywhere else and meet the current income limits in your area. Grants are available for seniors aged 62 and above. Seniors qualifying for the grants don’t have to repay them. To determine if you are eligible for grants and loans through this program, visit http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do?pageAction=sfpd. Low-income families can receive up to $20,000, while seniors may receive a maximum grant of $7,500. Visit https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-repair-loans-grants/ct for more details.
Connecticut Children’s Healthy Homes Program
The purpose of this program is to provide plans and inspections to remove lead and other safety hazards at homes. The program offers financial support to enable families to safely remove those hazards. The program may even help you to relocate to somewhere else during construction. You may also have access to referrals to other repair loans and support services that you can afford. Read more at https://www.connecticutchildrens.org/community-child-health/community-child-health-programs/healthy-homes-program/.
Energy Conservation Loan (ECL) Program
This program provides up to $25,000 loans to Connecticut homeowners to enable them to make home improvements. Through this program, you can buy weatherization services, replacement heating systems, air conditions, heat pumps, water heaters, solar systems, roofing, among others. Connecticut Housing Investment Fund, Inc. (CHIF) provides this program. Find out more at http://www.chif.org/page/energy-conservation-loan-program.
MicroLoan Financing Program
The MicroLoan Financing Program provides loans ranging from $1,000 to $3,000 to help single mothers, veterans, the disabled, and the senior homeowners achieve more energy-efficient homes. The loans are provided at a 0% interest rate, and families are only allowed to use the funds to conduct high-efficiency upgrades. Visit http://www.chif.org/page/borrower-information-and-application for more information.
Housing Preservation Loan Fund (HPLF)
HPLF provides home repair assistance to homeowners living in Hartford through low-cost loans of up to $43,000. The program focuses on low-income homeowners who need help with home improvements. Read more at http://www.hartford.gov/dds-housing/232-development-services/2283-ho-hplf.
Emergency Replacement Program
The Emergency Replacement Program is available for homeowners in Manchester. It assists with replacements for essential home systems, including roofs, furnaces, boilers, and water heaters. Read at http://planning1.townofmanchester.org/index.cfm/community-development-and-housing/community-development-block-grant-program/emergency-replacement-program/.
Housing Rehabilitation Program
The Housing Rehabilitation program is also available only to the Manchester homeowners. It is designed to provide home repair assistance services that emergency replacement programs do not cover. Visit http://planning1.townofmanchester.org/index.cfm/community-development-and-housing/community-development-block-grant-program/housing-rehabilitation-program/ for more information.