Farmington Savings Bank has committed $1 million in mortgage financing to the City of New Britain’s Home Ownership Program (HOP). The program offers qualified, low income, first-time home buyers down payment assistance of up to 30 percent, with an additional 5 percent available for closing costs.
Farmington Savings Bank will also offer qualified HOP participants financing that is a quarter to a half a percentage point lower than the interest rate offered for other bank mortgages and will rebate $395 of the closing costs.
The announcement marks the second time Farmington Savings Bank has participated with the New Britain HOP. To date, the bank has provided 13 HOP mortgages totaling more than $1.4 million.
HOP loans are available to first-time home buyers who meet HUD income guidelines. Those that have not owned a home during the past three years also may apply.
The Main Street Community Foundation in Bristol recently completed its 2008 grant-making year, awarding $1.3 million dollars in grants and scholarships to nonprofits and deserving students in its service area. In December 2008, the foundation’s board of directors approved more than $38,000 in grants.
The Malerbo Children’s Field Maintenance Fund was created through a bequest from Harold Malerbo in 2005 to support nonprofits that provide organized sports activities for children under the age of 18 in the towns of Bristol and Burlington. Grant recipients include the Burlington Little Leaguer and St. Paul Catholic High School.
The James R. Parker Trust supports charitable projects that benefit the residents of Burlington. Grant recipients include: the Burlington Public Library; the Burlington Land Trust; Lewis Mills High School; and Har-Bur Middle School.
A new endowed chair and prize for junior faculty have been created at the University of Hartford, thanks to a generous gift from Belle K. Ribicoff, a long-time supporter and life regent of the university. On Jan. 22, University of Hartford President Walter Harrison announced the faculty prize and professorship, which will be awarded each year to one junior faculty member at commencement. The president, the provost, and one student will choose the award winner from among all junior faculty.
