Millennial Becomes First Time Homeowner and Landlord with Support from Connecticut CDFI
Client: Rebecka
Client Location: Stamford, CT
CDFI: Housing Development Fund (HDF)
CDFI Service Area: Connecticut
Financing
At 23 with no renting experience, Rebecka never thought home ownership was possible for her. Nevertheless, she took a leap of faith to see what nearby Housing Development Fund (HDF) in Stamford, Connecticut, could do for her. With guidance from her HDF advisor, Rebecka successfully navigated the process of buying a multifamily home through HDF’s ‘Live Where You Work’ (LWYW) lending product.
LWYW gives borrowers the financial independence to purchase a home in the same town where they work by reducing the impact of down payment and closing costs through zero percent interest loans. LWYW also stacks with other HDF loan products to provide borrowers with the best deal possible.
For Rebecka, owning a home close to her job meant she finally had the time to fulfill her dream of managing her property as a landlord. What’s more, she has had time to invest in her community and new neighborhood, participating in Connecticut’s Property Owners Alliance, her local farmers’ market, and local Facebook groups.
With HDF’s support, Rebecka was empowered to both buy and rent out her first multifamily home affordably and sustainably. She now has set her sights on purchasing another multifamily property with HDF’s support.
In total, HDF has provided over 9,000 clients with free financial fitness coaching and home buyer education, in addition to providing down payment and closing cost assistance to help over 3,000 families purchase their first homes.