Wednesday, June 6, 2012

New Home Ownership Incentive Program Offers Grants to Purchase Homes in Hartford

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.