Grant would help low-income families buy homes
September 22, 2005; As originally appeared in the Danbury
News-Times by Brian Saxon
DANBURY
— A federal grant worth almost $1 million will help
low-income families buy and upgrade old homes in Danbury.
The program,
developed by the Stamford-based Housing Development Fund Inc.,
will assist individuals and families.
Fund executive
director Joan Carty said Wednesday that the low-interest loans
will go to residents who want to buy and rehabilitate houses
in low-income neighborhoods.
Carty
said the $950,000 grant was awarded by the U.S. Treasury Department
and the money is likely to become available next spring. "It's
a chance to rehabilitate old homes, create additional rental
opportunities and reverse physical decay," said Carty.
"We're very excited."
Carty
said the fund applied for the grant after commissioning a
study of Danbury's demographics, income levels and number
of houses more than 45-years-old.
"We
found that a substantial proportion of properties were being
rented as either two- or four-family units that were in need
of repair and lacked owner occupancy," said Carty. "We
also found that many Latinos in Danbury expressed interest
in buying their homes and fixing them up."
The study
identified about 1,500 multi-family buildings in Danbury.
Because of their age, a lot of the buildings need renovations
such as roof repairs and updated electrical systems.
"We
believe that if we can help people fix up their house we will
also create the incentive for them to buy it," said Carty.
Residents
will be eligible for loans only if they agree to live in the
house they are buying. They will not have to repay the loan
until they move or sell the property.
Washington
consultant Sean Zielenbach, who compiled the fund's study,
spent a week in Danbury talking to city officials, private
developers, bankers and leaders of minority groups.
Zielenbach
said while Danbury is still considered one of the more affordable
places in Fairfield County, rising prices are making it "increasingly
difficult" for low-income people to live here. While
there's a need to rehabilitate properties, said Zielenbach,
the money to do it is not always readily available.
"Helping
people achieve home ownership would not only increase the
stability of neighborhoods but would create new wealth and
build assets," said Zielenbach. "Upgrading houses
would also contribute more equity to them and bring additional
units on the market."
Maria-Cinta
Lowe, executive director of the Hispanic Center of Greater
Danbury, who spoke with Zielenbach on minority issues in Danbury,
welcomed news of the grant.
"I
think it's fantastic," said Lowe. "Because the rentals
in the Danbury area are so high, I'm always encouraging people
to find ways of buying their own home. That's the American
dream."
For information
on the housing loan program, call Housing Development Fund,
Inc. in Stamford at (203)-969-1830.
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