HOC Lending

HOC Lending is a mission-based community lender serving first-time homebuyers as well as existing homeowners by offering a variety of loan products that meet their needs. We offer innovative, low-cost financing as well as referrals to lending institutions that have a similar goal of supporting affordable housing that focuses on underserved, BIPOC, and low- and moderate-income communities. Our lending products can be divided into two basic categories: downpayment assistance and home improvement loans.

Downpayment Assistance

Did you know that downpayment assistance in Connecticut is available from several sources? If you are purchasing your first home and are receiving a first mortgage from the Connecticut Housing Finance Authority (CHFA) you may be eligible to participate in the Time To Own program, which may provide from $25,000-$50,000 in downpayment assistance.

Time To Own

CHFA also administers a downpayment assistance program, structured as loans that do require repayment but at a below-market interest rate. Finally, working with our HomeOwnership Center, HOC Lending is always striving to assemble downpayment assistance packages that are sponsored by one or more lending institutions in New Haven along with the Community Foundation for Greater New Haven and the Greater New Haven NAACP. In times of rising real estate prices and interest rates that are higher than they have been in decades, there is an increasing need for prospective homebuyers to take advantage of one or more of these downpayment assistance programs.

Downpayment Assistance

Rehabilitation Loans

For existing homeowners who require work to be done on their houses, HOC Lending makes it possible for them to take advantage of low-interest, fixed-rate home equity loans. Priorities for these loans are: housing code-related work, energy conservation work, and the home’s exterior appearance. In the recent past, homeowners would have been able to take advantage of home equity loans or lines of credit from a local lender to finance reinvestment in their homes. But with higher interest rates, these loans or lines of credit are no longer attractive options for low- and moderate-income homeowners. Since interest rates on the lines of credit (HELOCs) is variable, it’s often difficult to predict how much these improvements will cost a homeowner on a monthly basis. If you are a homeowner who has been putting off reinvesting in your home for some time, now would be a good time to check out HOC Lending!

Energy Conservation Grants

Neighborhood Housing Services of New Haven’s widely acclaimed I Heart My Home CT program has brought energy conservation improvements to hundreds of households throughout Connecticut. There are a number of resources (including grants) that homeowners and tenants can take advantage of, several of which are sponsored by our local utilities. In addition, HOC Lending has received funds through the State’s Neighborhood Assistance Act program to make grants and forgivable loans to low-income homeowners that can be combined with other resources that our organization can help to assemble for you. Combining available resources can produce an impressive array of energy conservation improvements that will both conserve energy and save homeowners a considerable amount of money on their monthly utility bills.

Aging in Place (AIP)

Our Aging in Place (AIP) program is designed to provide low- and moderate-income older adults with comprehensive home improvement project support that enables them to maintain and remain in their homes with dignity as they age. Our AIP lending option has flexible underwriting criteria for senior homeowners residing in New Haven. We ensure that residents obtain the loan products that suit their current financial situation, are accompanied by financial education, and that they are supported in their home improvement endeavors. The AIP program will assist with budgeting to provide an understanding of the long-term costs and benefits of their projects and associated borrowing costs.

Community Lending staff support residents by first reviewing available resources that could save homeowners money and avoid predatory lending and scams. We discuss appropriate loan options with seniors, focusing on a basic understanding of reverse mortgages, home equity loans, home equity lines of credit, mortgage refinancing, and advocating for accessory dwelling units, when appropriate.

AIP participants will receive referrals to pre-screened contractors to undertake the necessary home modifications, including accessibility accommodations. We seek to improve economic conditions for older income-eligible New Haven homeowners who want to remain in their homes, but now find that their homes no longer meet their needs.