Last week, Gov. Dannel Malloy announced that Waterford received a $300,000 federal grant for low-to-moderate-income homeowners to make necessary improvements to their homes.
The idea is for Waterford to give low-income residents interest-free loans to make necessary improvements to their homes, First Selectman Dan Steward said. Then the town puts a lien on the person’s home, and once they sell the home they repay the loan to town, to be lent out again, Steward said.
“It is a good program,” Steward said. “It is something we found and have the ability to use.”
Low-to-moderate-income Waterford residents will be able to apply for money for roof replacements, heating system upgrades, window and door replacements, lead paint and asbestos removal and electrical and code upgrades, according to a state press release. The grant will cover the cost of the project, and then a lien will be put on that person’s house, Steward said.
People must repay the interest-free loan when they sell the home, or they can repay it earlier if they wish, he said. Then, the town will put that money back into a fund to lend it out to another person, Steward said.
“We see it as a rotating fund,” he said.
Steward said he just received notification last Thursday that the town received the grant and was not sure who could qualify and exactly what work would qualify for funding. He also was not sure on how Waterford residents could apply for the grant, but said he would be releasing that information once he finds out.
Meanwhile Waterford was one of 31 Connecticut towns that received part of the $10.9 million federal grant, which was funded by the United States Department of Housing and Development but administered by the Connecticut Department of Economic and Community Development, according to the release. In the release, Malloy said expanding affordable housing would be a high priority of his administration.
“Expanding access to affordable housing is critical to strengthening the statewide economy and a major focus of my administration,” Malloy said in the release. “Over the next ten years, the state will invest $500 million to revitalize and expand affordable housing options so that our cities and towns will be better place to live, raise a family, and do business. These grants from the U.S. Department of Housing will go a long way to help us realize our goals, and we are appreciative of their recognition.”