HUD, Bridgeport form lottery for first-time homeowners
The U.S. Department of Housing and Urban Development (HUD) and Bridgeport have teamed up to help eight lucky families realize the dream of home ownership.
Bridgeport residents who pre-qualify for a mortgage can enter a housing lottery for the right to buy one of eight homes. Winners could save more than $100,000 by purchasing a house that was foreclosed by HUD. All entrants must be first-time buyers.
Not only will winners receive a discount, they'll purchase a well-renovated home.
"We replaced the windows, we redid the roof. We rebuilt a lot in the house, painted the exterior, redid the front stairs," project manager Keith Cryan said.
Mayor John Fabrizi said he's excited for the lottery drawing.
"We give people the opportunity, who otherwise would not be able afford a home in excess of this price, because we are below market rate and all the work has been done," Fabrizi said.
Related Information: City of Bridgeport Guidelines: - Must be a first time home-buyer - Bridgeport resident - Pre-Qualify for a mortgage - Complete a Home-Buyer Education program - Have a combined, household income of $47,000 - $60,000 (pending on number of people in household)