• Housing Conservation Program

This program is designed to promote the conservation and expansion of the City's housing stock and create code compliance through the provision of financial assistance to property owners; targeting to low and moderate-income households, in order to provide a decent home and suitable living environment for all residents.

Deferred loans up to $15,000 forgiven at a rate of 10% per year for 10 years to qualified owner occupants of a single family home.

3% interest loans up to a $30,000 with a maximum of a 25-year term for owner-occupants of 1-4 family homes.  Income guidelines are 80% or less for the household median income for the New London Area.  Owners must occupy assistance property for the life of the loan.

• New Home/New London 2 (NHNL2)

Living in New London offers convenient access to work, arts and culture, a multitude of dining options, an active nightlife, a comprehensive regional transportation system as well as historic assets that provide a glimpse into America’s entire history.   As household budgets remain under pressure in challenging economic times, the cost of homeownership and transportation can be significantly reduced in an urban setting.  At the same time, demographic shifts (fewer children, single person and smaller households) cause many to opt for smaller, more conveniently located housing.  Improved commuter train service in New London offers the potential for better commuter service for residents.

New Home/New London 2 (NHNL2) will provide down payment assistance, to current New London residents to purchase 1-4 family homes in any New London neighborhood.  Buyers must provide proof of income for all adults that will be residing in the home.  Buyers whose combined household income is below 100% of the area median income (AMI) may qualify for a $10,000 deferred loan. Buyers whose household income is below 80% of the AMI may qualify for a $15,000 deferred loan. Any qualified buyer that is purchasing a non-owner-occupied rental property may qualify for up to $20,000.  A deed restriction will be placed on the property for a period of 5 years in which the buyer must occupy the property as their primary residence. If owner’s unit is rented or the property is sold during the 5 years the full NHNL2 deferred loan MUST be repaid from the proceeds of the sale. 

DOCUMENTS: