With CL&P Support, HDF Assists 200th Household through Live Where You Work Program
In an outstanding milestone to mark the New Year, in January of 2013, the Housing Development Fund (HDF) will assist their 200th household buying a home through the Live Where You Work Program, an initiative funded with support from the Connecticut Light and Power Company (CL&P) and the Connecticut Housing Finance Authority (CHFA). Live Where You Work provides down payment and closing cost assistance loans to low and moderate income families who are purchasing a property in the town where they work.
Right before the holidays this December, Tom Dorsey from CL&P delivered a check for $125,000 to HDF which brings the Connecticut utility company’s support to a total of $3.125 million to date. CL&P has supported the program for the last 7 years as part of CHFA’s Housing Tax Credit Contribution program. This initiative includes a special focus workforce housing, which specifically funds efforts to help Connecticut workers live close to their place of employment. CL&P’s contribution to HDF this December was one of many, with the company contributing over $9 million to support agencies throughout Connecticut.
The Live Where You Work program helps households to buy where their jobs are located and thereby offers the hardworking families who use the program shorter commute times, lower commute-related expenses (and emissions) and more time for valuable family and community activities. More than 1 in 4 Connecticut renters pay over 50% of their monthly income towards housing expenses and with home prices high throughout the three counties HDF serves (Fairfield, New Haven and Litchfield Counties), HDF provides free counseling services and creative financing solutions that help hardworking families achieve sustainable, affordable housing.
The Live Where You Work program has been a remarkable success, with the $2.2 million already loaned through the program leveraging $30.4 in first mortgage lending to these homeowners – lending activity that also benefits many of Connecticut’s banks. The program also is one component in HDF’s suite of lending and counseling support offered to First-Time Homebuyers, and homebuyers who borrowed through Live Where You Work have been able to take advantage of an additional $9.9 million in other subsidies to help them achieve affordable homeownership in Connecticut’s high cost housing market. Live Where You Work has benefitted a diverse cross section of Connecticut residents, including many workers in education, healthcare, state employees and banking. Many of HDF’s clients work in roles that truly form the backbone of strong communities: teachers, firefighters, nurses. HDF is proud to continue offering Live Where You Work, and immensely grateful for the long-term and consistent support of CL&P in this effort.