A new public-private partnership launching next year aims to make homeownership in Hartford more affordable.
Liberty Bank, the Connecticut Attorney Title Insurance Co., and Hartford’s Treasurer announced they will be collaborating to strengthen affordable homeownership opportunities in the Capital City.
The new partnership, which is expected to launch in spring 2022, has three main components.
The collaboration will improve access to Liberty Bank’s Good Neighbor Plus program, which offers homebuyers in Hartford a 0.5% reduction in their mortgage rate, flexible credit options including 97% loan-to-value with Liberty paying the mortgage insurance, a 640 minimum credit score, and a $2,500 rebate at closing to the customer to offset closing costs.
CATIC, a Connecticut-based title insurance company, will offer attorney assistance and other professional expertise as well as title insurance products at a discounted rate, officials said.
And with the assistance of the city’s treasurer, the new collaboration also expands community relationships with local nonprofit organizations in Hartford that aim to raise awareness of the initiative among city residents looking to purchase a home.
Treasurer Adam Cloud will work with Liberty’s community development team and Hartford-based affordable lending officers to conduct community outreach to local groups and community organizations like the Urban League of Greater Hartford, NAACP, and Neighborhood Revitalization Zones.
