When families live close to their friends and jobs, the whole community benefits. Norwalk Redevelopment works to increase the availability of affordable housing in Norwalk in several ways:
Residential Rehabilitation Program – Assists low and moderate-income families or property owners with low-income housing by offering low interest loans and technical assistance.
Homeownership Program – Offers loans of up to $50,000 at 0% for first time Norwalk homebuyers with income at or below 80% of the Norwalk median income. Funding for this program is from the State of CT, Department of Economic and Community Development.
Existing Below Market Units – Assists sellers with below market units in finding eligible buyers, often from the Homeownership Program waiting list.
Developments – Negotiates with developers in the City’s urban development areas during the planning stage for the construction of affordable units within the development. The goal is to have developers build more than 10% of the units as affordable units.
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Why Affordable Housing is good for your business.
All of Norwalk Redevelopment’s efforts to promote affordable housing in Norwalk whether it is with property owners, low-income residents or developers, bottom line, allows families and individuals to find reasonably priced, decent housing in the city where they work.