Home Ownership Made Easy (HOME)
The Waterbury Development Corporation (WDC) Neighborhood Re-Investment Group administers City of Waterbury, Home Ownership Made Easy (HOME) funds provided by the U.S. Department of Housing and Urban Development (HUD). These funds are offered to low and moderate-income home owners, or investors who lease housing to low and moderate-income tenants, in an effort to preserve the Waterbury housing stock and contribute to the overall revitalization of City neighborhoods. The objective of WDC is to assist homeowners and investors in necessary renovations to maintain a certain standard for their properties. In doing so, there will be an increase in the supply of decent, desirable and affordable housing for low and moderate-income Waterbury residents. The fund provides deferred loans for rehabilitation of up to $25,000 per unit for homeowners and investors to correct code violations, reduce lead hazards to render properties lead safe, and make essential improvements to the property. The maximum award for rehabilitation is $250,000, regardless of total number of units. Please Note: All information contained here is subject to change at any time. WHO CAN APPLY? Owners of property that will be occupied by low to moderate-income people and where rents fall at or below Fair Market Rents as identified by HUD for Waterbury may apply for HOME Program assistance. - A low/moderate income family is a family with an income that falls at or below the federally defined HOME program income limits. Use the "Low Income Limit" for owner occupied properties. Use 60% limits for 1-4 unit rental properties; additional requirements for projects involving 5 or more HOME assisted units. Click the following www.hud.gov/offices/cpd/affordablehousing/programs/home/limits/progref.pdf to view income requirements and limits.
- Rents are restricted. A schedule of maximum rents can be obtained from WDC or click the following www.hud.gov/offices/cpd/affordablehousing/programs/home/limits/rent/index.cfm to view limits. The High HOME rent limit is used for properties with 1-4 units; there are additional requirements for projects of 5 or more HOME assisted units.
LOAN AMOUNTS The maximum loan amount per unit is $25,000, with a $250,000 cap. Loan terms are: five years for a HOME investment of under $15,000 per unit and ten years for $15,001 - $40,000 per unit. HOME Investments are recorded with the deed. For owner occupied single-family homes, principal repayment is deferred and forgiven evenly over the term. If the home is sold or transferred before the end of the term, the remaining principal will be due at the time of sale or transfer, unless the new owner is income eligible and assumes the balance of the term. For all other loans, principal repayment is deferred and forgiven at the conclusion of the term. If the properties are sold or transferred prior to term, the entire principal is due at the time of sale or transfer, unless the new owner assumes all conditions of the original loan for the balance of the term. Regardless of repayment, the affordability requirement and lien remain until the end of the term. All obligations to the City of Waterbury (ex. taxes, water/sewer, parking tickets etc.) must be current in order to be eligible for funding.
REHABILITATION ACTIVITY The following items are required and eligible as part of the rehabilitation to the property: The following are examples of eligible rehabilitation activities that may be required by standards or optional: Repair, replacement, or upgrade of basic structural elements such as heating systems, plumbing systems, electrical systems, roofing, siding and windows. Energy conservation measures. Improvements that will make the dwelling more accessible to persons with disabilities.
GENERAL PROCEDURES An application must be filled out and submitted to WDC by the property owner. The application will then be reviewed for income verification and tax clearance and recorded on a first come first server basis. A title search, Lead Inspection (for properties built before 1978), and general assessment of rehabilitation specifications will be done. WDC will provide these services for owner-occupied properties. Underwriting will be required by an FDIC regulated Bank. A notice of acceptance or rejection will be sent to the owner. The project will undergo a formal bid process. Contract approval and signing. Notice to Proceed.
CURRENT PROJECTS For information on current projects check the "What's New" section on our homepage. PAST PROJECTS The following are some current projects that have just been completed or are in process: 19 Eastwood: Three-family non-owner occupied. Rehabilitation made the house lead safe, which included installation of new windows. Replaced roof, installation of new siding, self-closing fire doors, replaced gutters and leaders and removed front porch structure. 22 Buckland Drive: Single-family homeowner occupied. Rehabilitation included making the house lead safe, installation of new windows, siding and bilco door. 24 Sherwood Drive: Single-family homeowner occupied. Rehabilitation included installation of vinyl siding, gutters and leaders, new windows and roof. 344 - 346 Wilson: Three-family non-homeowner occupied. Rehabilitation made the house lead safe, which included installation of new windows, vinyl siding, replacement of some exterior doors and work to the exterior stairs and porches. The project also included roof replacement and installation of new gutters and leaders. 423 - 425 Meriden Road: Two-family non-homeowner occupied. This project was a gut rehabilitation. It made house lead safe, which included installation of vinyl siding and new windows. The project also included plumbing for two bathrooms, installation of two kitchen sinks, two gas hot water heaters and two washer hookups. Electrical work: rewiring of electrical for two floors. Carpentry: framed 2nd floor exit complete to code, insulated exterior walls and attic, sheet rocked and taped all rooms, paint interior walls and trim, trim work, installed kitchen cabinets and bathroom vanities, replacement of exterior doors and replacement of gutters and leaders. 445 Boyden Street: Two-family homeowner occupied. Rehabilitation included making the house lead safe, which included the replacement of doors, casings and jambs and painting. The project also included installation of new gutters and leaders, a new furnace, some new windows, insulation in certain areas, electrical, plumbing and painting throughout entire unit. One unit was partially gutted. Bathroom was remodeled which included new flooring, electrical and plumbing, installation of new bathtub/shower, toilet, vanity and faucet, medicine cabinet and flooring. Remodeling of kitchen included new lighting, cabinets, countertops, and flooring. Handrails were installed in front interior stairway and front exterior stairs. INFORMATION For more information please contact Tina Lubus, Housing/Neighborhood Specialist at (203) 346-2607 x118 or email lubus@wdconline.org . Click the following www.hud.gov/offices/cpd/affordablehousing/programs/home/index.cfm for more information on HOME on the HUD Website.
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