Hempstead New London Homebuyer Program
Eastern Connecticut Housing Opportunities (ECHO) launched a program funded by the CT Department of Housing and the City of New London to rehabilitate deteriorated two-family houses in the City and to provide financial assistance in the purchase of the renovated properties by first-time homebuyers of limited income.
Homebuyer assistance comes in the form of a second mortgage covering 20% of the purchase price whereby reducing the primary mortgage and eliminating the added monthly expense of mortgage insurance.
The program homes will be two-family houses located at various addresses around New London. Each home will be fully renovated before sale.