Beacon Falls Announces 2023 Housing Loan Program, An Important Step Toward Improving Living Standards and Community Growth
BEACON FALLS, CT – With a commitment to improve the quality of life through better housing standards and enhanced community development, the Beacon Falls Administration is thrilled to announce the targeted 2023 Housing Loan Program. The program, backed by revolving housing funds from prior loans, under Connecticut Small Cities Grant (CDBG), offers important financial help to homeowners, focusing on the needs of low- and moderate-income (LMI) households.
Investing in Better Housing and Quality of Life
The Beacon Falls 2023 Housing Loan Program provides necessary financial assistance to homeowners that require essential renovations to their properties, with a focus on safety, energy-efficiency, and improved comfort.
“This financial support is vital to homeowners on a fixed income that need to complete an improvement project that they would have otherwise foregone. For example, homeowners have used this funding to replace their roof, install an ADA ramp, or replace a water heater” says the Finance Manager, Natasha Nau.
The primary beneficiaries of these loans are homeowners having one-family or two-or-more units properties who meet the LMI prerequisites defined under the CDBG program and demonstrate the inability to self-fund the necessary improvements.
Building a Thriving Community
Besides direct benefits to homeowners, the wider community of Beacon Falls also stands to gain significantly from the 2023 Housing Loan Program. This includes infrastructural growth, neighborhood revitalization, and support of affordable living conditions.
This initiative is expected to lead to increased property values, indirectly benefiting homeowners and the local economy. "Through this Program, we're not only improving homes, but we are also fueling community development and economic growth. We're crafting a better Beacon Falls, for everyone," said a representative.
Transparent and Targeted Operations
The Beacon Falls 2023 Housing Loan Program is committed to distinct objectives - providing effective rehabilitation for eligible LMI households, promoting increased homeownership, and fostering energy-efficient home renovations. All the program activities align with the national objectives set forth by the CDBG for housing renovation initiatives.
The Beacon Falls administration is cognizant of the disparities in income levels and is hence specifically targeting those families falling in the LMI range. Even though the average household income in Beacon Falls stands at $87,257, there are families within the town that fall under low-income categories as defined by the Area Median Income (AMI), and thus, they qualify for the program.
LMI levels for households of 1-8 members respectively, at 80% of AMI, are as follows:
- 1-person household: $55,832
- 2-person household: $63,808
- 3-person household: $71,784
- 4-person household: $79,760
- 5-person household: $86,141
- 6-person household: $92,522
- 7-person household: $98,902
- 8-person household: $105,283
If you are interested in applying for the Housing Rehab Program, please submit your preliminary intake form, by filling out the form below.
For more information on Beacon Falls Housing Rehab Program, please reach out to the Town's consultant:
Office Hours are Monday, Wednesday and Friday from 10:00 AM - 2:00 PM.
Bryan will guide you through the process.