H.O.P.E. PROGRAMS
33 Ocean Avenue, 44 Summer St., and 35 Terrace Avenue
The Reynard Program is a 3-year program designed to help eligible applicants who wish to purchase homes of their own by offering them affordable rents, special savings, and homeownership counseling and classes. Each month, $100 of each family's rent is placed into an interest-bearing savings account to help save for the eventual purchase of a home. The savings program will thus enable a family to save a total of $3,600 towards the purchase of a home over three years.
Most of the apartments have 3 bedrooms, a living room, a fully applianced kitchen, one full bathroom, and a laundry room. One set of washer and dryer appliances are provided per tenancy. Tenants are responsible for paying for their own utilities. Dogs are not allowed.
Families are selected based on their readiness to buy a home in the not-too-distant future, based heavily on their job and credit history.
Each tenant is expected to sign a one-year lease, which is renewable for up to a total of three years. When a tenant is ready to buy a house, they may buy any house of their choosing, not just a house offered by H.O.P.E. If the tenant is unable to buy a house at the end of the 3-year term, H.O.P.E. will assess the tenant’s situation and reserves the right to extend the agreement or terminate the lease.
During their stay, these future homeowners will be expected to attend homeownership classes provided in conjunction with Chelsea Groton Bank. These classes are designed to prepare them with budgeting, credit repair, obtaining a mortgage, and other helpful information for first time homeowners.
The Rev. Frederic E. Reynard Rent-to-Own Program
20-22 Center Street
H.O.P.E. designates one of its properties to working families who make below 50% to HUD AMI.
Most of the apartments are 2-3 bedrooms with a living room, a fully applianced kitchen, one full bathroom, and a laundry room. One set of clothes washer and dryer appliances are provided per tenancy. Tenants are responsible for paying for their own utilities. Dogs are not allowed.
Families are selected based on income and references.
H.O.P.E. LOW INCOME RENTALS
H.O.P.E
Homes
These homes are among H.O.P.E.'s most remarkable initiatives. Within distressed neighborhoods, H.O.P.E. acquires properties that have fallen into disrepair, breathing new life into them through comprehensive renovations or building new construction on vacant lots. Our Board President and Architect Peter Springsteel provides plans for single-familiy or two-family dwellings, tailored to the needs of low-to-moderate income households.
Through strategic partnerships with HTCC/CHFA and Eversource, we harness tax credit funds to fashion stunning, eco-friendly properties, built by local contractors. We offer these homes at a fraction of their construction cost. Generous contributions from the public and support from the City of New London have been instrumental in empowering HOPE to revitalize communities while avoiding the pitfalls of gentrification.
H.O.P.E. homes offer a pathway to ownership for hardworking families whose incomes might not meet the requirements for purchasing newly constructed or fully renovated residences. To date, we've successfully sold over 40 properties to first-time homeowners in New London County, sparking transformative changes in countless lives.
