New Milford joins program to help cops buy homes
New Milford is the latest community to join the Connecticut Housing Finance Authority’s Police Homeownership Program.
Mayor Pete Bass said the goal of joining the program is make it easier for officers to purchase homes in New Milford. He said this keeps them invested in the the community and living in town.
Under the program, the authority offers an additional 0.125 percent off a below-market interest rate loan and down payment assistance. Officers also don’t have to put any money down with no asset limit requirements.
Eligible participants must be police officers buying a home in the town where they work or a State Police officer buying a home in a participating town. They must also be a firs-time homebuyer or haven’t owned a home in at least the past three years. The home must also be the primary residence.
The home’s sales price and officer’s gross income must also be within the authority’s limits, which are posted on the authority’s website.
There are already 22 participating localities, including Danbury.