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Waterbury HOME Homebuyer Assistance Program

City of Waterbury Office of Community Development (Housing Assistance Programs) · Waterbury, Connecticut

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Income limit

80% AMI

Of area median income; varies by county and household size

Repayment

Deferred

No payments until the home is sold or refinanced

What is Waterbury HOME Homebuyer Assistance Program?

Waterbury HOME Homebuyer Assistance Program is a deferred second loan for homebuyers in Waterbury, Connecticut, administered by City of Waterbury Office of Community Development (Housing Assistance Programs).

  • The City of Waterbury Office of Community Development administers a HOME-funded homebuyer assistance program providing direct subsidy (down payment/closing cost assistance and/or purchase-price write-down) to income-eligible buyers purchasing in Waterbury. Assistance is a recapture loan secured by a recorded Declaration of Land Use Restrictive Covenant, with principal forgiven evenly over an affordability period that scales with the subsidy (5, 10, or 15 years).
  • Direct down payment and/or closing cost assistance for income-eligible Waterbury homebuyers.
  • Forgiven evenly over the affordability period if owner-occupancy is maintained.
  • Funding comes from Federal HOME Investment Partnerships Program funds (City of Waterbury is a HOME participating jurisdiction).

Do you have to pay it back?

Waterbury HOME Homebuyer Assistance Program is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

  • Repayment is triggered by Sale, transfer, or conveyance of the HOME-assisted unit during the affordability period, or failure to maintain it as principal residence, triggers the HOME loan becoming due (reduced per the Promissory Note). Principal decreases evenly over the affordability period.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Waterbury HOME Homebuyer Assistance Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • DRAFT (dpa-gap-finder 2026-06-14): pending review. Documented in the City's HUD Consolidated/Annual Action Plan (24 CFR 92.254 recapture guidelines); the City publishes no standalone homebuyer brochure/term sheet/application/income table online. UNCONFIRMED (null): exact per-buyer assistance amount(s), interest rate, FTHB requirement, min credit score, max DTI, max purchase price, min contribution, homebuyer education specifics, eligible loan products, manufactured-home eligibility, application process. Income limit confirmed via HOME 80% HAMFI / CT DOH 80% AMI chart. Verify amounts/eligibility/open status with Michael Buckley, Dir. of Housing Assistance, (203) 346-3810 x7005, mbuckley@waterburyct.org before publishing.

The program excludes

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Waterbury HOME Homebuyer Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

  • HOME: household income at or below 80% of HUD Area Median Family Income for the Waterbury, CT HUD Metro FMR Area. CT DOH HUD 80% AMI (Waterbury): 1p $54,950; 2p $62,800; 3p $70,650; 4p $78,500; 5p $84,800; 6p $91,100; 7p $97,350; 8p $103,650.
  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Waterbury HOME Homebuyer Assistance Program can be used for Single Family.

  • New construction is eligible.

Where does it apply?

Waterbury HOME Homebuyer Assistance Program serves buyers purchasing in Waterbury, Connecticut.

How do you apply?

Applications for Waterbury HOME Homebuyer Assistance Program go through City of Waterbury Office of Community Development (Housing Assistance Programs), which publishes the current terms and the application steps on its own site.

  1. Contact City of Waterbury Office of Community Development (Housing Assistance Programs) to reserve funds

    Funds are reserved with the provider and are subject to availability.

  2. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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