First Selectman Susan Chapman has announced that the Town of New Fairfield is applying for a $400,000 Community Development Block Grant (CDBG) under the housing rehabilitation category for town-wide housing rehabilitation. As part of the award, the Town of New Fairfield is seeking interested parties to develop a waiting list of property owners interested in participating in the program. The grant usually serves approximately ten households on a first come first serve basis.
The purpose of this grant is to provide funds for low and moderate income homeowners to make needed repairs to their homes. To be eligible, an applicant must meet three requirements: (1) homeowners must have an annual income that does not exceed $54,250 for a single household or $77,500 for a household of four; (2) have 10% equity in the home; and (3) be up to date on municipal taxes.
One of the benefits of this grant is that the money goes out as loans – at 0% interest and is not due and payable until the house changes title. For homeowners who cannot obtain funds through bank loans, this program is a wonderful option that requires no out of pocket costs. The grant also allows the Town to establish a revolving loan fund in perpetuity to provide assistance to additional residents who need home repairs.
Some possible uses that have been identified include replacing failed furnaces, roofs, windows, and septic system repairs. These funds can provide for ADA modifications to homes as well, such as entrance ramps and bathroom modifications.
To be eligible for this grant, the town must demonstrate that there is a demand and need for this program, that residents would welcome this assistance and would take advantage of the program to rehabilitate their homes. Be the first on the list by filling out a Letter of Interest. Note: the Letter of Interest does not commit you to participate in the program, only to place your name on a waiting list.
Please visit the town’s website: www.newfairfield.org and fill out a “letter of interest” that can be submitted electronically. Visit the “0% Interest Home Repair Loans” link under News and Events on the homepage.
Also, anyone considering taking advantage of this program may contact Regina Doran, Assistant to the First Selectman at (203) 312-5600 or call Small Cities Consultants Lisa Low & Associates at 203-888-5624 or email email@example.com. The deadline for submitting a letter of interest is March 31st, so time is of the essence. Please share this information with any friends or neighbors who may be interested.