Five Hartford corporations have begun offering grantassistance to their employees for use in purchasing single, two- or three
family homes or condominiums. The grants are part of a Home Ownership IncentiveProgram created by MetroHartford as part of its LiveHartford initiative, a plan
to promote city living and transform the surrounding area to benefit both the
companies and employees. Modeled after similar programs developed by Yale
University and MassMutual Financial Group, the Home Ownership Incentive Program
allows companies to award grants to eligible employees on a first come, first
serve basis to buy a home in Hartford. Although the grants will be forgiven
over a five year period, if the employees quit their jobs or sell their homes
before that time period has expired they will be required to pay the amount
that is still outstanding.
So far five Hartford corporations have signed on including
Aetna, Hartford Hospital, Saint Francis Hospital and Medical Center,
Connecticut Children’s Medical Center and Trinity College, but program leaders
are hopeful more will follow. While each corporation currently participating
has agreed to award five $10,000 grants, small and medium sized business are
also encouraged to participate and may offer grants of any amount. Aetna began
accepting applications in March and has already chosen one participant for a
grant. The other corporations expect to begin their programs soon.
